CFO Conference 2024: Message from Jameel Ahmad, Governor, State Bank of Pakistan

I would like to congratulate the Institute of Chartered Accountants of Pakistan, (ICAP), for organizing the CFO Conference 2024 and the 2nd Edition of the Professional Excellence Awards. These events provide an invaluable opportunity to finance and accounting professionals and aspiring young corporate leaders to come together, share their experiences, and pool their resources to work towards our collective objective of sustainable and inclusive economic growth.

By focusing on the very pertinent theme of “Curating Responsible Growth: Innovate, Illuminate, and Integrate”, this conference serves as a platform for dialogue, knowledge-sharing, and collaboration amongst industry leaders and professionals. It also provides an opportunity to deliberate on emerging trends, regulatory developments, and best practices that shape the future of finance in Pakistan.

In line with this theme, I would like the readers to take stock of the current economic situation and its future direction. A coordinated policy response to emerging challenges has put the economy on a relatively stable path for implementing reforms for sustainable recovery. The real economic activity has moderately recovered from last year’s contraction in response to stabilization measures and several supply shocks; inflation steadily falling after reaching its peak back in May 2023; the external current account deficit has narrowed considerably; and foreign exchange reserves have increased to around $9 billion. These developments combined with continued engagements with our multilateral and bilateral partners are helping to reduce uncertainties.

Let me take this opportunity to reiterate that the State Bank of Pakistan remains committed to anchoring inflation expectations, ensuring financial stability and supporting economic activities, particularly during challenging times. We remain committed to introducing measures aimed at mitigating risks and fostering an enabling environment for the businesses to flourish.

In today's interconnected and rapidly evolving financial landscape, the challenges confronting CFOs are diverse and complex. From navigating through headwinds of volatile markets, domestic economic challenges and changing geo-political situations to harnessing the power of digital transformation, the role of financial leaders has never been more crucial. However, challenge comes with opportunity, and I am confident that through collaboration, innovation, and a commitment to excellence, financial leaders of the country can overcome obstacles and unlock new avenues for growth and development.

For the business community, ICAP’s CFO Conference stands as a beacon event, symbolizing the unwavering dedication and commitment of ICAP and PAIB Committee members to uphold the highest standards of ethical business conduct, and corporate governance. It has become ever more imperative for our businesses to explore innovative pathways to succeed in this cut throat global competitive environment.

Corporate leaders, including the members of ICAP, are in a unique position to develop and implement relevant strategies in their organizations so they can compete internationally and make a mark for themselves and our country on the global landscape.

Copyright Business Recorder, 2024