DRAFT — for review (not published)
- Suggested slug: sbp-governor-economy-resilient-reserves-21-5-billion
- Category: Business
- Focus keyphrase: SBP governor economy resilient
- SEO title: SBP Governor Says Economy More Resilient, Reserves $21.5bn
- Meta description: SBP Governor Jameel Ahmad told foreign investors Pakistan’s economy is more shock-resistant, with reserves at $21.5bn and FY26 inflation near target.
- Tags: SBP, State Bank of Pakistan, Jameel Ahmad, foreign reserves, inflation, IMF, GDP growth, economy
- Original element: own data point — the governor’s figures set against our own coverage (rupee at Rs276/USD, $14bn Roshan inflows, SME credit at Rs943bn, record textile profits); explainer on the reserves trajectory since Feb 2023
- Source: ProPakistani (“SBP Governor Says Pakistan Economy More Resilient, Reserves at $21.5 Billion”, published 18 Oct 2026, 19:10 PKT; per SBP statement on IMF-World Bank meetings in Bangkok, Oct 12-17)
- Image suggestion: SBP building / Jameel Ahmad at Bangkok meetings, real photo with credit (publish-time image team)
SBP Governor Tells Investors Economy Is More Resilient as Reserves Hit $21.5bn
Pakistan’s economy has become more resilient to domestic and external shocks thanks to prudent policies and reforms, State Bank of Pakistan Governor Jameel Ahmad told foreign investors at the IMF-World Bank Annual Meetings in Bangkok. He pointed to foreign reserves of $21.5 billion, inflation back near target, and a third straight primary fiscal surplus as proof.
The governor met executives from JP Morgan, Citibank, Deutsche Bank, Barclays, Bank of America and other institutions during the meetings, held from October 12 to 17, according to an SBP statement.
The key numbers shared with investors
Ahmad said inflation has fallen sharply from FY23 highs to almost within the target range in FY26, despite a major oil price shock. Real GDP growth reached 3.7 percent in FY26, and is projected at 3.5 to 4.5 percent in FY27.
The reserves story was the centrepiece. The SBP governor said the central bank’s official reserves rose from less than $3 billion in February 2023 to $21.5 billion by October 9, 2026, while its forward liabilities fell from over $5.7 billion to below $1 billion. That rebuild came largely from the SBP’s own foreign-exchange purchases, with external debt rising only marginally.
He added that the current account deficit is expected to stay within 0 to 1 percent of GDP in FY27, while the primary fiscal balance posted a third straight annual surplus in FY26.
The governor also mentioned the staff-level agreement with the IMF on the Extended Fund Facility and Resilience and Sustainability Facility reviews, saying reforms have boosted investor confidence and led to sovereign credit rating upgrades.
A turnaround three years in the making
The February 2023 figure tells the backstory. At that point, Pakistan’s reserves had fallen below $3 billion, covering barely a few weeks of imports, and the country was negotiating for its economic survival. The climb to $21.5 billion marks one of the sharpest reserve rebuilds in the region over the period.
It also lines up with other recent data points Feature Pakistan has covered. The rupee has been holding around Rs276 to the dollar in recent weeks. SME lending rose 33 percent year-on-year to Rs943 billion by June 2026, with the bad-loan ratio falling. Overseas Pakistanis sent a record $14 billion through Roshan Digital Accounts, a sign of diaspora confidence. And 20 listed textile companies earned Rs51.9 billion in profit in FY26, up 11 percent.
Finance Minister Muhammad Aurangzeb has been making the same case to a different audience. He says the fiscal deficit has fallen to a 22-year low, with three primary surpluses, growth at 3.7 percent and record reserves. The governor’s investor briefing is the central bank’s version of the same message.
What investors will still watch
Resilience claims will be tested by the same pressures that have defined Pakistan’s economy for years. The current account target of 0 to 1 percent of GDP for FY27 assumes imports stay controlled and remittances keep flowing. The IMF reviews still have to be completed, and rating upgrades, while welcome, do not by themselves bring down borrowing costs overnight.
For ordinary Pakistanis, the macro numbers matter only when they reach the market. Inflation near target is the one figure most households will feel first, if it holds through the winter months.
*Source: ProPakistani*
What did the SBP governor say about the economy?
Jameel Ahmad told foreign investors in Bangkok that Pakistan’s economy is more resilient to shocks, citing $21.5 billion in reserves, inflation near target in FY26, and a third straight primary fiscal surplus.
How much have Pakistan’s reserves grown?
SBP reserves rose from less than $3 billion in February 2023 to $21.5 billion by October 9, 2026, while forward liabilities fell from over $5.7 billion to below $1 billion.
What is the growth forecast?
Real GDP growth reached 3.7 percent in FY26, and the SBP projects 3.5 to 4.5 percent for FY27, with the current account deficit expected at 0 to 1 percent of GDP.
