ISLAMABAD: State Bank Governor Jamil Ahmed has asserted that Pakistan’s external debt burden is declining, with the debt-to-GDP ratio dropping from 31% to 26% since 2022, countering narratives of increasing national liabilities.
Addressing the media, Ahmed clarified that while external debt grew by an average of $6.4 billion annually between 2015 and 2022, it has not increased over the past three years. He projected a manageable current account deficit of 0-1% of GDP for this fiscal year, crediting strong remittances—expected to surpass $40 billion—and controlled import dynamics for economic stability.
Shifting focus to financial inclusion, the Governor highlighted a landmark achievement in women’s economic participation. Initiatives over the past decade have raised female involvement in the banking sector from 4% to 52%, with gender discrimination in access falling sharply from 47% to 13%. A key milestone is the disbursement of Rs. 230 billion in women’s financing against a Rs. 50 billion target, alongside a notable increase in women-owned bank accounts by 17.6 million.
Ahmed also noted progress in SME financing, which grew from Rs. 550 billion to Rs. 700 billion last year. He emphasized that ongoing digitization and awareness programs, in collaboration with banks, aim to further integrate women into the formal economy by improving their access to capital, funds, and markets—a strategy that has already positioned Pakistan 19th globally in women’s entrepreneurship.
Meanwhile the Balochistan Chief Secretary Shakeel Qadir Khan declared poppy cultivation a “serious crime” with damaging international implications for Pakistan and called for more stringent, coordinated action.
Chairing the session, Khan revealed that provincial authorities have already destroyed poppy crops across more than 3,700 acres this year—a significant increase over last year’s eradication efforts. He stressed that eliminating this menace requires enhanced coordination between district administrations, the Excise and Taxation Department, and the Anti-Narcotics Force (ANF).
The Chief Secretary directed officials to identify and immediately destroy poppy crops in cultivating districts and to take stern action against landowners involved.
