PM Imran jubilant over Pakistan’s economic turnaround

Prime Minister Imran Khan on Tuesday said that Pakistan’s economy has staged a remarkable turnaround despite the coronavirus pandemic, reported 24NewsHD TV channel.

In a tweet posted on his official Twitter handle, Imran Khan said: “Masha’Allah despite Covid-19 great news on the economy – remarkable turnaround.”

The prime minister said that despite the national challenges, Pakistan’s current account witnessed a surplus. Imran Khan wrote: “Current account surplus again in Nov: $447 mn.”

The prime minister further added: “For the fiscal year so far, the surplus is $1.6 bn as opposed to a deficit of $1.7bn same the period last yr.”

The prime minister went on to say that the forex reserves of the State Bank of Pakistan also registered an upward trend. He said: “SBP’s FX reserves have risen to about $13 bn, highest in 3 yrs.”

MashaAllah despite Covid 19 great news on economy - remarkable turnaround. Current account surplus again in Nov: $447 mn. For fiscal year so far, surplus is $1.6 bn as opposed to deficit of $1.7bn same period last yr. SBP's FX reserves have risen to about $13 bn, highest in 3 yrs

— Imran Khan (@ImranKhanPTI) December 22, 2020

The State Bank of Pakistan earlier revealed that Pakistan’s current account balance – the difference between the government’s foreign income and expenditure – remained in surplus for the fourth straight month at $382 million in October.

The State Bank in its statement said that “In October, the current account surplus rose further to $382 million from $59 million in September, on the back of a sustained increase in remittances and smaller trade deficit.”

The Bank added that “This is the fourth successive monthly surplus. Since July, the cumulative current account surplus has reached $1.2 billion, reversing the $1.4 billion deficit recorded in the same period last year.”