SBP governor stresses reforms, inclusion at Women Entrepreneurs Finance launch

Governor State Bank of Pakistan (SBP) Jameel Ahmad reaffirmed the central bank’s commitment to structural reforms and inclusive economic growth at the launch of the Women Entrepreneurs Finance Code in Karachi.

The event, organized jointly by SBP and the Asian Development Bank (ADB), brought together national and international dignitaries to advance the cause of women’s economic empowerment in Pakistan.

In his keynote address, Governor Ahmad said the SBP and the government remain determined to transition from recent economic stabilization to medium-term economic transformation. “This resolve is reflected in our prudent monetary policy stance, market-aligned exchange rate, ongoing fiscal consolidation, and improving debt dynamics,” he noted, adding that these measures are critical to building fiscal and external buffers and ensuring long-term economic stability.

‘This time is different’

Highlighting a shift toward structural reforms, Ahmad said the current economic trajectory differs significantly from previous boom-bust cycles. He pointed to four key indicators:

 
• Inflation: Average headline inflation declined to 4.5% in FY25 — the lowest in nine years. With coordinated fiscal and monetary policy, inflation is expected to stabilize within the 5–7% target range.
 
• Foreign exchange reserves: FX markets remain stable, and SBP’s reserves are now five times higher than early 2023 levels due to external account performance and improved inflows.
 
• Current account: The balance remains positive, supported by strong remittances and resilient exports, even amid rising import demand linked to economic recovery.
 
• Fiscal discipline: Pakistan recorded its second consecutive primary surplus in FY25. With growth in both tax and non-tax revenues and controlled spending, the government is targeting a higher surplus in FY26.
 

Ahmad emphasized that this policy mix favors long-term growth, unlike past reliance on unsustainable, populist stimulus measures. “This is not a short-sighted sugar rush. We are laying the foundation for resilient and inclusive growth,” he said.

Women’s financial empowerment a strategic priority

The SBP Governor stressed that economic growth must be inclusive to be meaningful. “Women entrepreneurs are a powerful engine of economic and social progress,” Ahmad said. He added that supporting women-led micro, small and medium enterprises (WMSMEs) aligns with SBP’s vision for a stable, inclusive financial system.

He also acknowledged ADB’s vital role in helping Pakistan adopt the Women Entrepreneurs Finance Code, praising its long-standing support for women’s financial inclusion.

In his welcome remarks, SBP Deputy Governor Saleemullah highlighted existing initiatives, including the National Financial Inclusion Strategy and Banking on Equality (BoE) Policy, which embed a gender lens into banking operations and outreach.

Christine Engstrom, Senior Director of Finance at ADB, and Wendy Teleki, Head of the Women Entrepreneurs Finance Initiative at the World Bank, also addressed the gathering. They welcomed SBP’s decision to join the Code as a global signatory.

The launch event included two panel discussions featuring policymakers, financial leaders, entrepreneurs, and civil society stakeholders. These discussions explored the challenges, shared success stories, and mapped collaborative strategies to advance women’s entrepreneurship in Pakistan.