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Pakistan’s economy moving in the right direction, PM Imran Khan

According to PM this drastic change is the result of continuous improvement in exports which increased by 20 percent as compared to in June 2020 and record remittances.

Pakistan's economyPM's remarks come after the current account balance posted a surplus - OyeYeah News
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Pakistan’s economy is moving in the right direction, said Prime Minister on Monday.

PM’s remarks come after the current account balance posted a surplus of $424mn in July 2020.

In a series of tweets, PM Khan said, “MashaAllah Pakistan’s economy is on the right track. After the current account balance posted a deficit of $613 mn in July 2019 & a deficit of $100 mn in June 2020, in July 2020 current account balance swung upwards to a surplus of $424 mn”.

“This strong turnaround is a result of a continuing recovery in exports, which rose 20 % compared to June 2020, & record remittances”, he further added.

As being reported, This is the fourth monthly surplus since last October and a significant improvement on the deficit of $613mn in the same month last year.

According to the State Bank of Pakistan: “Strong turnaround is due to a continued recovery in exports and record-high remittances, with support from several policies and administrative initiatives by SBP and government. Exports sustained strong recovery, with m/m growth of further 19.7pc in July on top of 25.5pc in June”.

the authorSaman Siddiqui
Saman Siddiqui, A freelance journalist with a Master’s Degree in Mass Communication and MS in Peace and Conflict Studies. Associated with the media industry since 2006. Experience in various capacities including Program Host, Researcher, News Producer, Documentary Making, Voice Over, Content Writing Copy Editing, and Blogging, and currently associated with OyeYeah since 2018, working as an Editor.