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.”
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.”