Pakistan’s economy on recovery path amid global tides: Governor SBP

KARACHI: Governor of the State Bank of Pakistan (SBP), Jameel Ahmad, emphasized the government and SBP’s resolute commitment to addressing macroeconomic challenges, leading to substantial improvements and positioning Pakistan’s economy on the path to recovery amidst global obstacles.

Speaking at the ICMA Pakistan Members Convocation, Ahmad highlighted the remarkable progress in Pakistan’s economy, reflecting on the previous year’s daunting macroeconomic landscape characterized by soaring inflation, dwindling FX reserves, exchange rate pressures, and heightened uncertainty.

Today, however, inflation is markedly declining, reserves have surged to nearly US$8 billion despite substantial debt repayments, the current account deficit has significantly narrowed, stabilizing the PKR and propelling the stock market to new heights.

Ahmad credited this turnaround to the steadfast resolve of the government and SBP to tackle macroeconomic challenges head-on.

Acknowledging the necessity of unpopular yet essential measures, such as the SBP’s raising of the policy rate to 22%, and fiscal consolidation efforts by the government, Ahmad stressed the coordinated policy response is yielding positive outcomes.

He underscored the importance of fresh perspectives and innovative solutions in addressing longstanding economic issues, particularly as global shocks like climate change, technological advancements, and cyber threats become increasingly complex.

Ahmad congratulated graduating accounting professionals, urging them to proactively confront emerging challenges, emphasizing the need for in-depth knowledge in economics, finance, and accounting to devise viable solutions.

Highlighting the significance of leadership skills in policymaking, Ahmad encouraged graduates to contribute with dedication, hard work, and unwavering commitment to excellence in shaping Pakistan’s economic landscape.

The event also saw the President of ICMA Pakistan, Shehzad Ahmed Malik, extending a warm welcome to Governor Jameel Ahmad and other SBP dignitaries, commending the SBP team’s efforts in stabilizing the economy. Ahmad concluded the ceremony by awarding degrees to graduating CMAs.