$73 m surplus! On Wednesday, Prime Minister Imran Khan said Pakistan ‘s growth is going the right way, as the current account balance of payments of the country registered a surplus of $73 million.
During Sept, the PM disclosed, the current account-the gap between government foreign revenue and spending-was in excess of $73 mn.
This took the excess to $792 mn for the 1st [quarter] compared to a shortfall of $1,492 mn over the same period last [year], with Pakistan’s premier tweeting it as fantastic news.
He announced that the acceleration was attributed to a 29 percent increase in exports and a 9 percent increase in foreign funds over the previous month.
PM announced in August that the current account balance jumped up to a surplus of $424 mn after the current account balance posted a deficit of $613 mn in July 2019 and a deficit of $100 mn in July 2020.
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The Prime Minister added that the strong stabilization was the result of an ongoing export rebound, which grew by 20% relative to June 2020, and record remittances.
It was announced in June that Pakistan’s current account balance, after a break of seven months, again transformed into a surplus of $13 million in May 2020, but at the cost of economic growth.
The surplus was achieved largely after Pakistan’s export earnings dropped to a $1.27 billion 13 year low and import payments dropped to a $2.8 billion 10-year low in May, “BMA Capital Executive Director Saad Hashmi said while speaking to The Express Tribune.”
In reaction to the coronavirus pandemic, the downturn in imports and exports obviously suggested a substantial decrease in economic activity, he added.
Compared to a deficit of $530 million in the previous month of April and $1 billion in May 2019, Pakistan achieved a current account surplus of $13 million in May, the State Bank of Pakistan (SBP) announced.
In addition, the rise in the receipt of workers’ remittances, the reduction in the trade deficit in services and the growth in other current flows (remittances obtained from currency dealers) helped turn the balance of the current account into a deficit surplus.
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