Governor SBP updates foreign investors on Pakistan’s economic resilience and macroeconomic outlook

Governor Jameel Ahmad briefed foreign investors from JP Morgan, Citibank, Jefferies, Deutsche Bank, Barclays, Bank of America, MSCI, Standard Chartered and Mitsubishi UFJ Financial Group at the IMF-World Bank Annual Meetings in Bangkok, 12 to 17 October 2026. According to the SBP: real GDP growth reached 3.7 percent in FY26 and is projected at 3.5 to 4.5 percent in FY27; inflation has fallen to almost within the target range; official reserves rose from under USD 3 billion in February 2023 to USD 21.5 billion on 9 October 2026; forward liabilities fell from over USD 5.7 billion to under USD 1.0 billion; the current account deficit is projected to stay within 0 to 1 percent of GDP in FY27; and the primary fiscal balance recorded a third consecutive annual surplus in FY26. The SBP also reported that a staff-level agreement has been reached with the IMF on the EFF and RSF reviews.

This is the central bank's own briefing to foreign investors on reserves, the external balance and fiscal discipline: the case it is making for Pakistan, including the reported IMF staff-level agreement. It also shows where the SBP sees risk, since it says ongoing geopolitical developments pose challenges. These are the SBP's statements and projections, not PIVRA's; check them against the SBP's published data before relying on them.