Ahmad, who was speaking at the ICMA Pakistan Members Convocation, emphasized the country’s economy’s outstanding development while also highlighting the difficult macroeconomic environment of the previous year, which was marked by rising inflation, depleting foreign exchange reserves, pressure on exchange rates, and increased uncertainty.

Nonetheless, in the present times, the PKR has stabilized and the stock market is rising to unprecedented heights, reserves have increased to around US$8 billion despite large debt repayments, and inflation is dramatically decreasing.

Ahmad gave the government and SBP credit for their unwavering commitment to addressing macroeconomic difficulties head-on for this reversal.

Ahmad emphasized that the government’s efforts to reduce spending and achieve fiscal consolidation, together with the need for unpopular but necessary actions like the SBP’s increase of the policy rate to 22%, are producing beneficial results.

As global shocks like climate change, technology improvements, and cyber threats become more complex, he emphasized the significance of new viewpoints and creative solutions in tackling long-standing economic concerns.

Congratulating the graduating accounting professionals, Ahmad emphasized the importance of having a thorough understanding of accounting, finance, and economics in order to create workable solutions. He also urged the professionals to take a proactive approach to addressing new difficulties.

Ahmad emphasized the value of leadership abilities in policymaking and urged graduates to positively impact Pakistan’s economic landscape by working hard, being devoted to excellence, and contributing their full effort.

Along with giving a hearty welcome to Governor Jameel Ahmad and other SBP dignitaries, ICMA Pakistan President Shehzad Ahmed Malik also praised the SBP team’s efforts to stabilize the currency. With that, Ahmad presented the graduating CMAs with their degrees.

The IMF executive board meeting is scheduled to go until May 3, according to specifics. Based on the sources, it is expected that the international lender will approve Pakistan’s $1.1 billion payout today.

The State Bank of Pakistan is anticipated to obtain the final tranche from the IMF tomorrow, following approval, they added.

On July 12, 2023, Pakistan took advantage of a $3 billion loan package offered by the International Monetary Fund (IMF).

Thus far, Pakistan has been granted two installments totaling $1.9 billion: $1.2 billion in July and $700 million in January 2024.

On the last assessment of a $3 billion loan plan, Pakistan and the International Monetary Fund (IMF) came to a staff-level agreement last month.

Following their week-long visit to Islamabad, which ended on March 19, the IMF delegation made the announcement.

Global lender expressed its optimism that the incoming caretaker administration and central bank of Pakistan would persist in their efforts to stabilize the country’s economy, complimenting them on their “strong program implementation.”

In order to further solidify economic and financial stability, the new government is dedicated to carrying out the policy initiatives that were initiated under the existing Stand-By Arrangement for the balance of this year, the IMF official stated.

In June of last year, the IMF granted Pakistan’s economic stabilization program support through a critical nine-month agreement.

During the special meeting of the World Economic Forum (WEF) in Riyadh, Pakistan’s Finance Minister Aurangzeb discussed the country’s consideration of adopting digital money.

“Even though we bring in Rs9.4 trillion a year, half of our economy is undocumented,” he said.

Aurangzeb added that a deal to enable the full digitalization of the economy was struck with McKinsey on Friday.

The finance minister declared, “They are coming in and helping us with the end-to-end digitalization of our economy.”

The urgent necessity to put in place a framework for a green tax economy was stressed by FinMin Aurangzeb.

He said that even global organisations like the World Bank (WB) are investigating novel financing arrangements.

The minister emphasised the need to address the nation’s financial needs through a combination of domestic and foreign funding sources.

Governor Jameel Ahmad of the State Bank of Pakistan (SBP) originally disclosed plans to introduce the Central Bank Digital Currency (CBDC), Pakistan’s first digital currency, back in July 2023.

While briefing the Senate’s Standing Committee on Finance and Revenue, he said these things. Under the direction of Senator Saleem Mandviwalla, the meeting was conducted at Parliament House.

The committee was informed that the SBP is attempting to gain insight from the experience of other central banks that are attempting to introduce digital currency on a trial basis.