Economy stages remarkable turnaround says PM Khan

Prime Minister Imran Khan on Tuesday said that Economy of Pakistan despite the coronavirus pandemic has staged a remarkable turnaround.

Taking to his official Twitter handle, PM Imran Khan said:

“MashaAllah despite Covid 19 great news on the economy – remarkable turnaround.”

Imran Khan said that despite the national challenges, Pakistan’s current account witnessed a surplus. PM wrote:

“Current account surplus again in Nov: $447 mn.”

The Premier added that:

“For fiscal year so far, surplus is $1.6 bn as opposed to deficit of $1.7bn same period last yr.”

Prime Minister went on to say that the forex reserves of the Central Bank also raised. He wrote:

“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

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— 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 Central 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.”