Washington, April 18, 2026 – The Governor of the State Bank of Pakistan (SBP), Jameel Ahmad, has said said Pakistan’s key macroeconomic indicators have improved faster than expected this fiscal year, while acknowledging that renewed geopolitical tensions in the Middle East pose fresh risks to the outlook.
Speaking to senior executives from global financial institutions including JPMorgan, Barclays, Citibank, Jefferies and Franklin Templeton, as well as credit rating agencies Fitch, Moody’s and S&P Global, Ahmad said Pakistan had entered the latest external shock from a “relatively stronger position” than in past crises.
The engagements took place on the sidelines of the IMF–World Bank Spring Meetings held from April 13–18, 2026. The governor also held separate bilateral meetings with officials from the International Monetary Fund (IMF) and World Bank Group.
Ahmad said Pakistan’s policy mix had helped stabilise inflation and improve external buffers before the Middle East conflict escalated. He noted average inflation stood at 5.7% during the first nine months of FY26, while the current account remained in surplus.
He added that SBP foreign exchange reserves had risen to $16.4 billion, supported by purchases from the interbank market. With continued inflows and bilateral support, reserves were expected to reach around $18 billion by June 2026.
According to Ahmad, gross domestic product growth accelerated to 3.8% in the first half of FY26, compared with 1.8% in the same period last year, reflecting a gradual recovery in economic activity.
He said higher global energy prices, freight costs and insurance premiums following recent geopolitical developments were new challenges, but stressed that Pakistan’s starting position was stronger than during the 2022 Russia–Ukraine shock.
The SBP governor said monetary policy remained “prudently cautious” with a positive real interest rate, while the government maintained a primary fiscal surplus and implemented targeted subsidies alongside austerity measures to contain demand.
Ahmad also cited progress under the IMF programme, including a staff-level agreement for the third review of the Extended Fund Facility and the second review of the Resilience and Sustainability Facility, as well as recent credit rating affirmations as signs of external confidence.
Separately, at a Remittances and Roshan Digital Account (RDA) roadshow, he highlighted that RDA inflows had exceeded $12.4 billion across more than 917,000 accounts, and said recent regulatory changes would further integrate Pakistan into global financial markets and attract foreign investment.