PM Shehbaz expresses satisfaction over SBP reserves reaching historic high of $21.4 billion

Islamabad (Web Desk): Prime Minister Shehbaz Sharif on Friday expressed satisfaction over the State Bank of Pakistan’s (SBP) foreign exchange reserves reaching an unprecedented $21.4 billion, calling the development another important achievement on the path towards economic stability.

In a statement issued by the Prime Minister’s Office (PMO), the premier thanked Almighty Allah for the progress and said the record reserve level reflected the continued work of the government and its economic team, as well as the positive direction of recent economic measures.

He said stronger remittance inflows and services exports, along with an improved current account balance and tighter fiscal management, had contributed significantly to the buildup of the country’s foreign exchange reserves.

PM Shehbaz also highlighted Pakistan’s successful return to international capital markets, saying the development indicated that confidence in the country’s economy was being restored at the global level.

He maintained that the stronger reserve position would enhance Pakistan’s ability to honour its external financial commitments and provide greater resilience against economic pressures emerging from international markets.

The premier further said improved economic stability could help create opportunities for increased foreign confidence, attract investment and support long-term, sustainable economic growth.

He acknowledged the efforts of Finance Minister Muhammad Aurangzeb, the SBP governor and the wider government economic team, while specifically appreciating overseas Pakistanis for their contribution to strengthening the country’s external position.

PM Shehbaz pointed out that the latest rise in reserves was different from some earlier increases, as it had not mainly resulted from additional foreign borrowing. Instead, he said, the improvement was largely driven by the SBP’s purchases of foreign exchange.

He added that the central bank had also made substantial progress in reducing its outstanding foreign exchange-related liabilities, which had further helped improve Pakistan’s overall reserve position.