Three months of import cover in sight: SBP Governor

June 15, 2026 (MLN): Pakistan is expected to reach the international benchmark of three months of import cover in the coming months as foreign exchange reserves continue to strengthen, State Bank of Pakistan (SBP) Governor Jameel Ahmed said during an analyst briefing session after the monetary policy announcement. 

He noted that reserves are projected to reach around $18 billion by June 30, translating into approximately 2.7 months of import coverage, with further improvement expected thereafter toward the key three-month threshold.

The Governor said external accounts remain broadly stable, with no major adverse impact observed so far. Export performance and inflows are said to be on track, while Roshan Digital Account (RDA) inflows continue to support external financing.

On debt servicing, he confirmed that repayable obligations worth $25.5 billion have already been settled. Around $700 million is expected to be repaid over the next three months, while rollover and refinancing arrangements are planned to be completed by the end of June.

On the fiscal side, he highlighted that the government has achieved a primary surplus and described the overall budget position as balanced, reflecting fiscal prudence aligned with monetary policy under the ongoing IMF program.

However, he cautioned that inflation is expected to remain elevated in double digits in the near term.

The Governor further said that the recent budget has a strong focus on industry, and its implications are still being assessed within the broader macroeconomic framework.

He added that updated FY27 projections will be presented in the next Monetary Policy Committee (MPC) meeting, along with the announcement of the upcoming MPC calendar by the end of June.

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