Reflecting a renewed sense of optimism about Pakistan’s economic future, Governor of the State Bank of Pakistan (SBP), Mr. Jameel Ahmad, delivered a forward-looking address during a gong ceremony at the Pakistan Stock Exchange (PSX). He outlined the nation’s journey from a period of economic distress to one marked by improving macroeconomic indicators, rising investor confidence, and a growing consensus on long-term, sustainable development.
Governor Ahmad emphasized that Pakistan has emerged from a phase of macroeconomic instability—defined by soaring inflation, dwindling foreign exchange reserves, and concerns over sovereign default. Now, he said, the country is showing signs of a strong rebound with improved economic fundamentals and a more stable financial environment.
According to the Governor, several key economic indicators are signaling positive momentum. Inflation has significantly decreased, the external current account has moved into a surplus, and the country’s foreign exchange buffers have been rebuilt. Additionally, public debt indicators have shown measurable improvement over the past two years. These changes, he noted, are the result of challenging yet necessary policy reforms undertaken by both the government and the central bank.
A major highlight of the Governor’s speech was the record-breaking inflow of workers’ remittances, which hit an all-time high of $4.1 billion in March 2025. Mr. Ahmad attributed this milestone to the concerted efforts of the SBP and the government in encouraging the use of formal channels for remittance transfers. For the full fiscal year 2024-25, total remittances are projected to reach approximately $38 billion—a figure that underlines the growing trust in Pakistan’s formal financial systems.
Governor Ahmad stressed that while macroeconomic stability is a significant achievement, it is only a stepping stone toward broader, sustainable, and inclusive growth. To sustain this progress, he called for a renewed focus on boosting productivity and enhancing exports. Export-led growth, he explained, is essential for fostering innovation, attracting foreign investment, and creating meaningful employment opportunities.
Looking ahead, he urged all stakeholders—policymakers, private sector actors, and civil society—to unite behind a shared long-term strategy. Only through cohesive and sustained efforts can Pakistan break the cycle of boom-and-bust and move toward lasting economic resilience.
Mr. Ahmad reiterated the SBP’s commitment to fostering a robust and inclusive financial ecosystem. He highlighted the importance of financial literacy and access, noting that these are not just strategic goals but vital pillars of the central bank’s Strategic Vision 2028. To further this objective, the SBP is hosting Pakistan Financial Literacy Week from April 14 to 18, 2025, with activities designed to engage communities across the country.
Key components of the National Financial Inclusion Strategy (NFIS) 2024–28 were also shared by the Governor. The strategy aims to raise financial inclusion from the current 64% to 75% by 2028 and reduce the gender gap in financial services from 34% to 25%. These goals align with the broader vision of democratizing access to financial tools and enabling more citizens to contribute to and benefit from economic growth.
In his concluding remarks, Mr. Ahmad expressed appreciation for the role of the Pakistan Stock Exchange in supporting capital formation and providing opportunities for both corporations and investors. He underscored the importance of deepening capital markets to support entrepreneurship and long-term economic development.
Governor Jameel Ahmad’s remarks reflect a cautious yet confident outlook on Pakistan’s economic path. As the country continues to navigate global and domestic challenges, the focus on structural reforms, financial inclusion, and sustainable growth remains central to the SBP’s roadmap for a stronger and more equitable economy.