Jameel Ahmad Says Pakistan's Economy Is Becoming More Resilient

State Bank of Pakistan Governor Jameel Ahmad says the country's economy is becoming more resilient, with inflation declining and foreign exchange reserves reaching $21.5 billion as of October 9, 2026.

In this article we set out what he said and the growth figures given with that update. Here is everything you need to know.

What Jameel Ahmad said about the economy

The claims he is quoted on are resilience, a decline in inflation, and reserves of $21.5 billion on October 9, 2026. The same update says GDP growth reached 3.7% in FY2026, and that growth of 3.5% to 4.5% is projected for FY2027. It does not give an inflation rate, a reserve target, or the audience he was addressing.

Why it matters

Reserves at $21.5 billion and a 3.7% growth figure are the two numbers in the update. The FY2027 range is a projection, not a result. Inflation is described as declining, without a percentage.

• The speaker is State Bank Governor Jameel Ahmad
• He says the economy is becoming more resilient
• He says inflation is declining
• Reserves are given as $21.5 billion as of October 9, 2026
• FY2026 GDP growth is given as 3.7%
• FY2027 growth is projected at 3.5% to 4.5%

What this update leaves open

1. An inflation percentage.
2. Who he was speaking to.
3. Whether the FY2027 range is his forecast or an official target.
4. A reserve figure after October 9, 2026.

What happens next

The next published growth and reserve numbers will show whether the picture he described holds. We will update this article if the State Bank releases a later figure.

Our verdict

Jameel Ahmad says the economy is becoming more resilient, inflation is declining, and reserves reached $21.5 billion as of October 9, 2026. The update puts FY2026 growth at 3.7% and projects 3.5% to 4.5% for FY2027.

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