AsiaNet-Pakistan Premier Editorial Content and Press Release Distribution Service
Karachi, The Governor of the State Bank of Pakistan (SBP), Jameel Ahmad, announced that Pakistan’s economy is showing significant improvement following the government’s and SBP’s firm commitment to addressing macroeconomic challenges. He made these remarks during his keynote address at the Members Convocation of ICMA Pakistan held at a local hotel in Karachi.
According to State Bank of Pakistan, Governor Jameel Ahmad congratulated the graduating accounting professionals and encouraged them to make a significant impact in their careers. He outlined the recent developments indicating economic recovery, citing the reduction in inflation, stabilization of the exchange rate, and the rise in foreign exchange reserves as key signs of progress.
The Governor noted that a year ago, Pakistan faced a challenging macroeconomic environment, with inflation reaching as high as 38 percent and foreign exchange reserves rapidly depleting. However, he explained that recent measures have brought inflation down, with FX reserves now around US$8 billion and expected to exceed US$9 billion. Additionally, the current account deficit has narrowed, and the stock market is reaching new highs.
Governor Jameel Ahmad attributed the progress to the coordinated policy response by the government and SBP, which included raising the policy rate to 22 percent and implementing fiscal consolidation. These efforts were essential to stabilize the economy amidst global challenges such as climate change, technological advancements, cybersecurity threats, and financial innovations.
He encouraged the graduates to bring fresh perspectives and innovative solutions to address complex economic issues. The Governor also emphasized the need for professionals with in-depth knowledge of economics, finance, and accounting to help shape Pakistan’s economic landscape. He urged the graduates to work with dedication, hard work, and commitment to excellence.
In his welcome address, President ICMA Pakistan Shehzad Ahmed Malik welcomed the Governor and Deputy Governors of SBP, expressing gratitude for their efforts in stabilizing the economy. Governor Jameel Ahmad concluded the event by bestowing degrees upon the graduating CMAs.