Pakistan’s steady return to macroeconomic stability took center stage as the Governor of the State Bank of Pakistan (SBP), Mr. Jameel Ahmad, addressed market participants during a gong ceremony held at the Pakistan Stock Exchange (PSX). His remarks, delivered amid cautious optimism, focused on the country’s transition from crisis to recovery and the strategic path ahead toward sustainable growth.
In his address, Mr. Ahmad emphasized that Pakistan has successfully navigated a critical period marked by economic instability—characterized by surging inflation, shrinking foreign reserves, and fears of sovereign default. He noted that the country has now entered a new phase, defined by macroeconomic stability, renewed investor confidence, and signs of economic revival.
According to a press release issued following the event, the SBP chief highlighted marked improvements in key macroeconomic indicators. These include a substantial decline in inflation, a return to a surplus in the external current account, a rebuilding of foreign exchange reserves, and stronger public debt metrics—all signaling a stronger fiscal position than in recent years.
One of the standout achievements highlighted by Mr. Ahmad was the record-breaking figure of workers’ remittances, which reached $4.1 billion in March 2025—an all-time high for Pakistan. The increase is largely credited to policy reforms and incentives by both the government and SBP to promote formal remittance channels and enhance the functioning of the domestic foreign exchange market. Total remittances for FY25 are expected to approach $38 billion, offering crucial support to the country’s external account.
Building on this progress, Mr. Ahmad reiterated the importance of focusing on long-term, inclusive, and sustainable economic growth. “With a sound macroeconomic base and growing investor confidence, Pakistan is now in a position to lay the foundation for broad-based prosperity,” he stated. However, he also cautioned that this new stability must be underpinned by continued reforms, increased productivity, and a strong export-oriented growth model.
“Exports remain central to Pakistan’s growth agenda,” he added, noting that increased export activity not only improves foreign exchange inflows but also drives innovation, competitiveness, and long-term investment in the economy.
Mr. Ahmad also spoke about the necessity of structural reforms to avoid recurring economic volatility and boom-bust cycles. These reforms, he stressed, should be aimed at building a resilient financial system capable of supporting inclusive development.
In line with this vision, the SBP Governor reaffirmed the bank’s commitment to financial inclusion and literacy, which he described as critical to long-term economic empowerment. To further this goal, the SBP is organizing Pakistan Financial Literacy Week from April 14–18, 2025. The campaign will feature nationwide activities to engage citizens across age groups and communities on the importance of financial awareness.
Mr. Ahmad also outlined milestones under the National Financial Inclusion Strategy (NFIS) 2024–2028. These include increasing financial inclusion from the current 64% to 75% by 2028 and narrowing the gender gap in financial access from 34% to 25%. These targets align with the SBP’s broader Strategic Vision 2028, which envisions a digital, innovative, and inclusive financial ecosystem for the country.
In closing, Mr. Ahmad commended the management of the Pakistan Stock Exchange for its vital role in strengthening Pakistan’s capital markets. He noted that PSX remains a critical platform for corporate capital-raising and offers everyday investors meaningful opportunities to grow their savings and participate in the country’s economic progress.