Karachi, July 7, 2025 — The State Bank of Pakistan (SBP) has reaffirmed its commitment to structural reforms aimed at promoting long-term, inclusive economic growth, with a renewed focus on empowering women entrepreneurs. Speaking at the launch ceremony of the Women Entrepreneurs Finance Code in Karachi, SBP Governor Jameel Ahmad emphasized that the central bank is prioritizing reforms to set the stage for sustainable growth in Pakistan.
The event, jointly organized by the SBP and the Asian Development Bank (ADB), was attended by a host of national and international dignitaries who expressed strong support for advancing women’s economic participation. The ceremony underscored the importance of empowering Women Micro, Small & Medium Enterprises (WMSMEs) to unlock Pakistan’s growth potential.
In his keynote address, Governor Ahmad stated that the SBP and the federal government remain resolute in their policy direction, transitioning from hard-earned macroeconomic stability to a period of medium-term economic transformation. This transition, he noted, is backed by prudent monetary policy, an exchange rate aligned with fundamentals, and a strategy of fiscal consolidation aimed at improving debt sustainability.
Governor Ahmad highlighted that Pakistan’s current macroeconomic landscape is fundamentally different from past boom-bust cycles. Key indicators signal a positive shift:
• Headline inflation in FY25 has dropped to 4.5%, the lowest in nine years. The SBP targets inflation stabilization within the 5–7% range through a coordinated monetary-fiscal mix.
• The foreign exchange market remains stable, underpinned by strong external accounts. SBP reserves have surged to nearly five times their 2023 levels.
• The current account remains healthy, supported by resilient exports, strong remittances, and a growth-led rise in imports.
• Fiscal discipline has led to the second consecutive primary surplus in FY25, driven by rising tax and non-tax revenues and controlled expenditures. A higher surplus is targeted for FY26.
The Governor stressed that growth must be both inclusive and durable. He called women entrepreneurs a “powerful engine” for economic growth, and said the SBP is determined to create an ecosystem that enables their success. Supporting WMSMEs, he added, aligns directly with the SBP’s vision for inclusive financial development.
Deputy Governor SBP, Saleemullah, in his remarks, noted that the SBP has initiated several gender-focused policies such as the National Financial Inclusion Strategy and the Banking on Equality Policy to embed inclusivity in the financial sector.
ADB’s Christine Engstrom and World Bank’s Wendy Teleki praised Pakistan’s efforts, with SBP becoming a global signatory of the Women Entrepreneurs Finance Code. The event in Karachi featured panel discussions with policymakers, financial leaders, and civil society to explore strategies for scaling women-led businesses and achieving equitable growth in Pakistan.