PM: ‘Pakistan in right direction’ as CA Records Surplus
The country's current account recorded a surplus of $792 million in the first quarter of the ongoing fiscal year 2020-21, PM announced.
Prime Minister, Imran Khan announced today that Pakistan’s current account has recorded a surplus of $792 million in the first quarter of the ongoing fiscal year 2020-21. “Great news for Pakistan. We are headed in the right direction finally,” said PM Imran.
Great news for Pakistan. We are headed in right direction finally. Current Account was in surplus of $73 mn during Sept, bringing surplus for 1st qtr to $792 mn compared to deficit of $1,492 mn during same time last yr. Exports grew 29% & remittances grew 9% over previous month.
— Imran Khan (@ImranKhanPTI) October 21, 2020
The premier explained that the country had registered a deficit of $1,492 million during the same quarter of the previous year whilst the current account was in surplus of $73 million during September, bringing in a surplus for the first quarter to $792 million.
Imran Khan further stated, “Exports grew 29% and remittances grew 9% over the previous month”.
Moreover, The State Bank of Pakistan affirmed that this is the first quarterly surplus in over five years.
“In September, the current account posted a surplus for a third successive month. The surplus reached $73 million against a deficit of $278 million a year earlier”, they stated in a thread of tweets.
1/3 In September, the current account posted a surplus for a third successive month. The surplus reached $73 million against a deficit of $278 million a year earlier. For details: https://t.co/Od8ikVvpBF
— SBP (@StateBank_Pak) October 21, 2020
3/3 Continued buoyancy in remittances (up 9% m/m) and a broad-based rebound in exports (up 29% m/m) drove the current account surplus in September. Imports also picked up in line with the on-going revival in domestic economic activity.
— SBP (@StateBank_Pak) October 21, 2020
They added, “the current account recorded a surplus of $792 million in Q1-FY21, the first quarterly surplus in more than 5 years”.
The State Bank also stated, “Imports also picked up in line with the on-going revival in domestic economic activity”.
On account of cheaper exports and remittances sent in by the expatriates, the country faced a surplus for a second month in September, the Central Bank of Pakistan announced previously.
In contrast to last year’s deficit which was worth $1.2 billion, Pakistan’s current account came in at $0.805 billion in the July-August 2021 period.
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