Governor of the State Bank of Pakistan, Jameel Ahmad, highlighted the government and SBP’s commitment to addressing macroeconomic challenges, leading to substantial improvements in Pakistan’s economy. He credited the turnaround to the government and SBP’s resolve and emphasized the importance of fresh perspectives in addressing economic issues. The event also saw recognition of SBP’s efforts.
KARACHI: Governor of the State Bank of Pakistan (SBP), Jameel Ahmad, emphasized the government and SBP’s resolute commitment to addressing macroeconomic challenges, leading to substantial improvements and positioning Pakistan’s economy on the path to recovery amidst global obstacles.
Speaking at the ICMA Pakistan Members Convocation, Ahmad highlighted the remarkable progress in Pakistan’s economy, reflecting on the previous year’s daunting macroeconomic landscape characterized by soaring inflation, dwindling FX reserves, exchange rate pressures, and heightened uncertainty.
Today, however, inflation is markedly declining, reserves have surged to nearly US$8 billion despite substantial debt repayments, the current account deficit has significantly narrowed, stabilizing the PKR and propelling the stock market to new heights.
Ahmad credited this turnaround to the steadfast resolve of the government and SBP to tackle macroeconomic challenges head-on.
Acknowledging the necessity of unpopular yet essential measures, such as the SBP’s raising of the policy rate to 22%, and fiscal consolidation efforts by the government, Ahmad stressed the coordinated policy response is yielding positive outcomes.
He underscored the importance of fresh perspectives and innovative solutions in addressing longstanding economic issues, particularly as global shocks like climate change, technological advancements, and cyber threats become increasingly complex.
Ahmad congratulated graduating accounting professionals, urging them to proactively confront emerging challenges, emphasizing the need for in-depth knowledge in economics, finance, and accounting to devise viable solutions.
Highlighting the significance of leadership skills in policymaking, Ahmad encouraged graduates to contribute with dedication, hard work, and unwavering commitment to excellence in shaping Pakistan’s economic landscape.
The event also saw the President of ICMA Pakistan, Shehzad Ahmed Malik, extending a warm welcome to Governor Jameel Ahmad and other SBP dignitaries, commending the SBP team’s efforts in stabilizing the economy. Ahmad concluded the ceremony by awarding degrees to graduating CMAs.
Amidst the ever-changing global economic landscape, Pakistan’s economy has shown remarkable resilience in its path to recovery. Governor of the State Bank of Pakistan, in a recent statement, highlighted the positive indicators that depict a promising economic future for the country. Despite the challenging global tides, Pakistan has managed to forge ahead, leveraging its strengths and implementing strategic measures to bolster economic growth. The ambitious reforms and initiatives undertaken by the government and financial institutions have played a pivotal role in steering the economy on a sustainable recovery trajectory. With a focus on fiscal sustainability, investment in key sectors, and fostering a conducive business environment, Pakistan is poised to emerge as a resilient player in the global economic arena.
Source: ARY NEWS
Pakistan’s economy is on a recovery path amid global challenges, with Governor SBP emphasizing macroeconomic improvements. Inflation has declined, FX reserves surged, and the current account deficit narrowed, stabilizing the PKR and boosting the stock market. The government and SBP’s resolute commitment and policy measures have yielded positive outcomes. Addressing emerging challenges, innovative solutions, and leadership skills are emphasized for accounting professionals. The ICMA Pakistan President commended SBP’s efforts, and Governor Ahmad awarded degrees at the graduation ceremony.
Disclaimer:
This content is AI-generated using IFTTT AI Content Creator. While we strive for accuracy, it’s a tool for rapid updates. We’re committed to filtering information, not reproducing or endorsing misinformation. – Khabristan.pk for more information visit privacy policy
Leave a Comment