Briefing the Standing Committee on Finance of the National Assembly, the SBP chief attributed the potential rise in inflation to recent budgetary measures and anticipated increases in energy prices.
he said, "We are likely to see an increase in wheat prices this winter, driven by the inflationary pressures from the budget.”
The governor provided a detailed overview of the country s debt obligations, stating that Pakistan faces a repayment of $26.2 billion this year. Of this, $12.3 billion is expected to be rolled over, with the remaining $4 billion being commercial loans that will be repaid.
He said, "The finance minister has assured that these loans will be rolled over. However, we still have $10 billion that must be paid within this year, of which $1.5 billion has already been settled," he explained. An additional $8.5 billion remains to be repaid.”
Pakistan s foreign exchange reserves have climbed to $9.1 billion, indicating sufficient capacity to service its debts, he added.
In addition, he also expressed concerns over the inflationary impact of budget measures and escalating energy costs. Inflation is expected to rise, particularly with the anticipated increase in wheat prices this winter," he warned.
Addressing a ceremony organised to launch NIBAF Pakistan, a new entity formed by the merger of the National Institute of Banking and Finance (NIBAF) and the Institute of Bankers Pakistan (IBP), the SBP chief encouraged banks and financial institutions to actively collaborate with NIBAF Pakistan and utilize its resources for positive change and building a strong financial sector.
He stressed a need for developing skills and setting high standards for the financial sector in the country.
He said that NIBAF Pakistan will offer a wide range of training programmes, certifications, qualifications, and assessment services tailored to the financial industry’s needs by leveraging the combined expertise of NIBAF and the IBP.
The SBP governor highlighted the efficiency and new opportunities would improve through the merger. He shared his vision of making NIBAF Pakistan a leading institute for learning and development in banking and finance, focusing on innovation and adopting global standards.
This merger aligns with national goals of advancing professional development, promoting best practices, and supporting economic development initiatives, he said.
