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.
This strong turnaround is a result of continuing recovery in exports, which rose 20 % compared to June 2020, & record remittances.— Imran Khan (@ImranKhanPTI) August 24, 2020
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”.