{"id":34367,"date":"2026-07-05T17:36:15","date_gmt":"2026-07-05T17:36:15","guid":{"rendered":"https:\/\/gsrra.com\/?p=34367"},"modified":"2026-07-05T17:36:19","modified_gmt":"2026-07-05T17:36:19","slug":"pakistan-sbp-projects-a-stronger-fy27-outlook-with-4-growth-44-billion-remittances","status":"publish","type":"post","link":"https:\/\/gsrra.com\/?p=34367","title":{"rendered":"Pakistan: SBP projects a stronger FY27 outlook with 4% growth, $44 billion remittances"},"content":{"rendered":"\n

Jameel Ahmad says FY26 growth is expected at 3.75% to 4.75%, above the government\u2019s provisional 3.7%, while remittan<\/em><\/strong>ces likely crossed $41.5 billion before rising further next year<\/p>\n\n\n\n

<\/a><\/a><\/p>\n\n\n\n

\"SBP<\/figure>\n\n\n\n

State Bank of Pakistan (SBP) Governor Jameel Ahmad on Friday projected Pakistan\u2019s GDP growth at around 4% in FY27, mainly driven by industrial sector expansion, while workers\u2019 remittances are expected to rise further to $44 billion.<\/p>\n\n\n\n

Speaking at a press conference, Ahmad said economic activity had gained momentum, and FY26 growth was likely to remain above the government\u2019s provisional estimate of 3.7%.<\/p>\n\n\n\n

He said GDP growth for FY26 was expected in the range of 3.75% to 4.75%.<\/p>\n\n\n\n

Ahmad said the central bank had earlier expected growth of more than 4%, but the ongoing Middle East crisis had weighed on the outlook.<\/p>\n\n\n\n

According to the briefing details, large-scale manufacturing growth averaged 6% during the year, with some months recording growth of up to 10%.<\/p>\n\n\n\n

The SBP governor said preliminary estimates showed workers\u2019 remittances would exceed $41.5 billion in FY26, despite recent geopolitical pressures in the region.<\/p>\n\n\n\n

During July-May FY26, remittances increased 9.2% to $38.1 billion from $34.9 billion in the same period last year.<\/p>\n\n\n\n

Ahmad said the SBP expects remittance inflows to increase further to $44 billion in FY27.<\/p>\n\n\n\n

He said the central bank had ended subsidies under the Sohni Dharti Remittance Program and the Telegraphic Transfer Charges Incentive Scheme.<\/p>\n\n\n\n

However, he said commercial banks and exchange companies would continue to incentivise remittance inflows, while customers would continue to receive remittance services free of charge.<\/p>\n\n\n\n

Ahmad said Pakistan\u2019s foreign exchange reserves held by the central bank rose to $18.4 billion at the end of FY26 from $13 billion a year earlier.<\/p>\n\n\n\n

He said reserves improved despite external debt repayments of $8 billion in June alone.<\/p>\n\n\n\n

The governor added that reserves would have been around $23 billion if external debt repayments made during the year were excluded.<\/p>\n\n\n\n

He said Pakistan\u2019s external position had improved over the past three years, with reserves rising from around $3 billion to $18.4 billion while total external debt remained broadly unchanged at around $100 billion since FY22.<\/p>\n\n\n\n

Ahmad said banks\u2019 outstanding foreign exchange liabilities had declined from $5.8 billion in FY23 to $950 million at the end of FY26.<\/p>\n\n\n\n

The SBP governor said the government\u2019s external debt profile had improved, with a gradual shift away from short-term commercial borrowing towards longer-tenor multilateral financing with maturities of 20 to 25 years.<\/p>\n\n\n\n

He said the current account had turned around from a deficit of $17.5 billion, or 4.7% of GDP, in FY22 to a deficit of $3.3 billion in FY23 and $2.1 billion in FY24, before posting a surplus of $2.1 billion, or 0.5% of GDP, in FY25.<\/p>\n\n\n\n

The current account remained in surplus during 11MFY26, with the SBP projecting the full-year balance within 0% to 1% of GDP.<\/p>\n\n\n\n

The governor said Roshan Digital Account inflows had also improved, averaging around $300 million per month after recent changes to the scheme\u2019s operating framework.<\/p>\n\n\n\n

On inflation, Ahmad said average FY26 inflation stood at around 7.04%, close to the SBP\u2019s medium-term target range of 5% to 7%.<\/p>\n\n\n\n

However, inflation rose to 11.1% year-on-year in June 2026 after the recent increase in petroleum product prices.<\/p>\n\n\n\n

Ahmad said export earnings are projected to increase in FY27, reversing the decline recorded in FY26.<\/p>\n\n\n\n

Pakistan\u2019s trade deficit widened to $39.47 billion in FY26, up 21.57% from the previous fiscal year, according to Pakistan Bureau of Statistics data released on Thursday.<\/p>\n\n\n\n

Reference Link:- https:\/\/profit.pakistantoday.com.pk\/2026\/07\/03\/sbp-projects-stronger-fy27-outlook-with-4percent-growth-dollar44-billion-remittances<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Jameel Ahmad says FY26 growth is expected at 3.75% to 4.75%, above the government\u2019s provisional 3.7%, while remittances likely crossed $41.5 billion before rising further next year State Bank of Pakistan (SBP) Governor Jameel Ahmad on Friday projected Pakistan\u2019s GDP growth at around 4% in FY27, mainly driven by industrial sector expansion, while workers\u2019 remittances […]<\/p>\n","protected":false},"author":1,"featured_media":31103,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"aside","meta":{"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[2],"tags":[31433,29799,25805,31432,483,4660,22283],"class_list":["post-34367","post","type-post","status-publish","format-aside","has-post-thumbnail","hentry","category-sample-category","tag-foreign-remittance-44-billion","tag-fy2026-2027","tag-gdp-3","tag-growth-rate-4","tag-pakistan-2","tag-stability-2","tag-strong-economy-3","post_format-post-format-aside"],"jetpack_publicize_connections":[],"_links":{"self":[{"href":"https:\/\/gsrra.com\/index.php?rest_route=\/wp\/v2\/posts\/34367","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/gsrra.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/gsrra.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/gsrra.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/gsrra.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=34367"}],"version-history":[{"count":1,"href":"https:\/\/gsrra.com\/index.php?rest_route=\/wp\/v2\/posts\/34367\/revisions"}],"predecessor-version":[{"id":34368,"href":"https:\/\/gsrra.com\/index.php?rest_route=\/wp\/v2\/posts\/34367\/revisions\/34368"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/gsrra.com\/index.php?rest_route=\/wp\/v2\/media\/31103"}],"wp:attachment":[{"href":"https:\/\/gsrra.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=34367"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/gsrra.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=34367"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/gsrra.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=34367"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}