{
  "id": 15340262,
  "title": "Economy more shock-resistant, says SBP chief",
  "url": "https://urgent.news/2026/10/18/economy-more-shock-resistant-says-sbp-chief",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-10-18T01:39:42.000Z",
  "source": {
    "name": "Dawn Business",
    "slug": "dawn-business",
    "url": "https://www.dawn.com/news/2037905/economy-more-shock-resistant-says-sbp-chief"
  },
  "original_language": "en",
  "account": "KARACHI: State Bank of Pakistan Governor Jameel Ahmad revealed that the country's economy has grown more resilient to shocks thanks to steady, sensible economic policies and structural reforms. During talks with foreign investors from major international banks at the IMF-World Bank Annual Meetings in Bangkok from October 12 to 17, Ahmad emphasized Pakistan's improving economic situation. High-ranking officials from JP Morgan, Citibank, Jefferies, Deutsche Bank, Barclays, Bank of America, MSCI, Standard Chartered, and Mitsubishi UFJ Financial Group took part in these discussions. Ahmad also met with bilateral and multilateral partners, other central banks, and global credit rating agencies. He attributed the improvement to prudent policies and structural reforms. Inflation fell sharply from very high levels in fiscal year 2023 (FY23) to almost the targeted range by fiscal year 2026 (FY26), despite a substantial oil price shock. Real GDP growth, which fell in FY23, has been slowly increasing, reaching 3.7% in FY26 and expected to be between 3.5% and 4.5% in FY27. The central bank's foreign exchange reserves have greatly improved, with official reserves rising from under $3 billion in February 2023 to $21.5 billion by October 9. Forward liabilities have also decreased significantly, from over $5.7 billion to under $1 billion. The dollar purchases by the central bank have mainly contributed to these improvements, while external debt has risen only slightly over the past three years. Pakistan's forex purchases were made possible due to a nearly balanced current account in FY26. Regulating reforms, especially those for exchange companies and encouraging remittances through formal channels, have improved interbank forex liquidity. Ahmad also mentioned that forex purchases are anticipated to continue, with the current account deficit projected to stay within 0-1% of GDP in FY27. The fiscal position has also improved, with the primary fiscal balance recording a third consecutive annual surplus in FY26, leading to a declining public debt-to-GDP ratio. Ahmad stated that the Staff-Level Agreement with the IMF reflected the ongoing implementation of the reform agenda, which has boosted investor confidence, led to upgrades in the country's sovereign credit ratings, and enabled Pakistan to access global capital markets despite a challenging global environment.",
  "summary": "KARACHI: State Bank of Pakistan Governor Jameel Ahmad said sustained, prudent macroeconomic policies and structural reforms have made Pakistan’s economy more resilient to domestic and external shocks. The central bank chief highlighted Pakistan’s improving macroeconomic conditions and outlook during meetings with foreign investors from leading global institutions on the sidelines of the IMF-World…",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}