State Bank of Pakistan (SBP) Governor Jameel Ahmad has told international investors that policy measures and economic reforms have made Pakistan’s economy better equipped to withstand domestic and external shocks.

Ahmad met executives from JP Morgan, Citibank, Deutsche Bank, Barclays, Bank of America, and other financial institutions during the IMF-World Bank Annual Meetings in Bangkok, held from October 12 to 17, according to the SBP.

He said inflation had dropped sharply from its peak in fiscal year 2023 and was close to the target range in FY26 despite a major increase in global oil prices. Real GDP growth reached 3.7 percent in FY26, while growth for FY27 is projected at 3.5 to 4.5 percent.

The governor said the SBP’s foreign exchange reserves had climbed from less than $3 billion in February 2023 to $21.5 billion as of October 9, 2026. Meanwhile, the central bank’s forward liabilities fell from more than $5.7 billion to below $1 billion. He attributed the improvement largely to the SBP’s own foreign exchange purchases, with external debt increasing only marginally.

Pakistan’s current account deficit is expected to remain between zero and 1 percent of GDP in FY27, Ahmad said. The country also recorded a primary fiscal surplus for the third consecutive year in FY26.

He also highlighted Pakistan’s staff-level agreement with the International Monetary Fund (IMF) on reviews under the Extended Fund Facility (EFF) and Resilience and Sustainability Facility (RSF). According to the governor, the reform process has improved investor confidence and contributed to sovereign credit rating upgrades.