The State Bank of Pakistan (SBP) has successfully met the International Monetary Fund’s (IMF) Net International Reserves (NIR) target for December 2024 and remains confident about achieving the June 2025 target.

SBP Governor Jameel Ahmed shared key updates on Pakistan’s economic outlook during an analysts’ briefing following the Monetary Policy Committee (MPC) meeting on Monday. He discussed foreign reserves, policy rate decisions, external borrowings, and regulatory measures.

Ahmed highlighted that approximately $3 billion in repayments (excluding rollovers and refinanced amounts) are due by the end of FY25. Expected financial inflows, planned over recent months, are anticipated to materialize in the fourth quarter of the fiscal year. Some of these inflows will be unlocked following a successful IMF review.

He further stated that the government and SBP have deliberately delayed external borrowing to negotiate more favorable terms, with progress expected in the coming months.

Regarding the Rs. 3 million cap on car financing, the SBP governor confirmed that the current regulatory framework will remain unchanged but could be reviewed in the future based on economic conditions.

While discussing monetary policy, Ahmed emphasized that inflation remains a key concern, but external accounts, foreign exchange reserves, and exchange rate stability also influence policy rate decisions.

On Pakistan’s external debt obligations, he revealed that the country’s total debt repayment for FY25 stands at $26 billion, including $21.9 billion in principal repayments and $4.1 billion in interest payments. Of this, $16.2 billion is scheduled for rollover or repayment. So far, $7 billion has already been repaid, while another $3 billion is due by June 2025.

Commenting on the recent surge in Open Market Operations (OMOs), he explained that the increase was mainly due to seasonal factors such as Ramadan and Eid, as well as elevated government borrowing.