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Pakistan’s economy on right track says Pakistani PM Imran

Pakistan’s Economy on the Right Track: Khan

ISLAMABAD – Pakistan Prime Minister Imran Khan said on Monday that Pakistan’s economy was on the right track as the country’s current account balance – the difference between government revenue and expenditure abroad – recorded a surplus of $424 million in July.
“MashaAllah Pakistan’s economy is on the right track,” Khan said in a tweet.
“After a current account deficit of $613 million in July 2019 and a deficit of $100 million, in July 2020 the current account balance grew to a surplus of $424 million.”
The Pakistani prime minister added that the strong recovery was the result of continued improvement in exports, which rose 20% from June 2020, and record remittances.
In June, it was reported that after a seven-month gap, Pakistan’s current account balance again turned into a surplus of $13 million in May 2020, but at the expense of economic growth.
“The surplus was mainly realized after Pakistan’s export earnings fell to a 13-year low at $1.27 billion and import payments fell to a 10-year low at $2.8 billion in May, BMA Capital executive director Saad Hashmi said in an interview with The Express Tribune.
The slowdown in imports and exports has indicated a significant decline in economic activities in response to the coronavirus pandemic, he said.
Besides, improved reception of workers’ remittances, narrowing of the trade deficit in services and an increase in other current transfers (payments received through foreign exchange traders) have helped transform the current account balance above deficit.
Pakistan recorded a current account surplus of $13 million in May, compared to a deficit of $530 million the previous April and $1 billion in May 2019, the State Bank of Pakistan (SBP) reported on Wednesday.
With this, the current account deficit narrowed by 73.6 percent to $3.29 billion in the first 11 months (July-May) of the outgoing fiscal year 2019-20, from $12.45 billion for the same period of last year.
“The significant drop in exports (over a decade) indicates a massive impact on local economic activities amid the Covid-19 pandemic,” he said.
“The government should immediately focus on increasing exports by finding new markets, introducing value-added products into export markets, and through policy initiatives,” he added.
(Sahar News Monitoring Desk)

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