SBP Governor: End Boom-Bust, Go Export-Led or Stay 3–4% Forever

KARACHI: SBP Governor Jameel Ahmad has issued a blistering wake-up call — ditch the endless boom-bust trap and charge toward export-led, globally competitive growth, or Pakistan stays stuck in the same old cycle. Speaking at the Pakistan Business Council Dialogue, he declared the current stability window a once-in-a-generation shot at real transformation — but only if policy continuity holds and the private sector levels up to world-class standards. Unlike past crises, monetary-fiscal coordination is now tight, inflation is tamed and heading to 5–7%, external debt-to-GDP crashed from 31% to 26%, and SBP reserves exploded from $2.9B to $14.5B — all without reckless borrowing. Ahmad warned 3–4% growth is a joke for 250M+ people — sustainable prosperity demands productivity, documentation, lower energy costs, higher tax-to-GDP, and private sector muscle in global value chains, digitalisation, and green transition. His final hammer: “We cannot expect different results by doing more of the same.” Stability is here — now government, SBP, and business must march together or blow it.