The State Bank of Pakistan (SBP) Governor, Jameel Ahmad, said Pakistan’s economy is more stable with growth projected at 3.25% to 4.25% in FY2026. He spoke at the Pakistan Textile Council’s annual meeting in Karachi. The governor highlighted the country’s economic progress and stressed continued efforts to maintain stability.
Jameel Ahmad shared that foreign exchange reserves rose from $2.8 billion in early 2023 to $14.3 billion now. The current account deficit narrowed significantly, while remittances reached over $38 billion in FY2025. Inflation dropped to a historic low of 3.2% in June 2025, leading the SBP to cut the policy rate from 22% to 11%.
PTC Chairman Fawad Anwar welcomed the improvements but warned that exporters still face many challenges. He said high costs and exclusion of raw materials from export schemes hurt the textile sector. Anwar urged the government to remove import duties on essential raw materials and provide better tax refunds and financing support.
Anwar emphasized that textiles and apparel are vital for Pakistan’s economy. He called for bold policies to help the industry gain global market share and compete with other countries. Both SBP and PTC agreed to keep working on policies supporting exporters, especially in renewable energy and concessional credit.
The meeting ended with a strong focus on strengthening textile exports as a key part of Pakistan’s economic recovery. Both sides committed to continued dialogue and policy support to help Pakistan’s exporters thrive globally.