SBP’s 2023-24 report shows first primary surplus in 17 years

KARACHI: The State Bank of Pakistan (SBP) has released its Annual Report for 2023-24, highlighting significant economic milestones, including the country’s first primary surplus in 17 years. According to the report, the surplus has contributed to a reduction in public debt, marking a key achievement in fiscal management.

The report also noted progress in promoting Islamic banking, with numerous initiatives aimed at expanding its reach across the financial sector. Economic indicators have shown improvement in FY 2024, with eased pressure on external accounts and a boost in foreign exchange reserves.

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Reforms in exchange companies have yielded positive outcomes, further stabilising the economy. Additionally, the agricultural sector played a pivotal role in GDP growth, and the current account deficit hit a 13-year low, underscoring a more resilient economic outlook.

The SBP’s efforts have also resulted in an increase in bank deposits, reflecting growing confidence in the banking sector, the report showed.