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