Pakistan's economy finally on right track, says PM Imran

10:44 AM | 24 Aug, 2020
Pakistan's economy finally on right track, says PM Imran
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ISLAMABAD - Prime Minister Imran Khan on Monday said Pakistan’s economy was on right track with significant achievements in the export sector and foreign remittances.

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

Imran Khan said, ” MashaAllah, Pakistan’s economy is on the right track”.

He mentioned that the current account balance posted a deficit of $613 million in July 2019 and a deficit of $100 million in June 2020.

In July 2020, the current account balance swung upwards to a surplus of $424 million, he added.

According to the State Bank of Pakistan, this was the fourth monthly surplus since last October.

“Pakistan’s current account balance swung into a surplus of $424 mn in July 2020 after posting a deficit of $100 mn in June. This is the fourth monthly surplus since last October, and a significant improvement on the deficit of $613 mn in the same month last year,” SBP said.

It added that the strong turnaround was due to a continued recovery in exports and record-high remittances, with support from administrative initiatives by SBP and the government.

“Exports sustained strong recovery, with m/m growth of further 19.7% in July on top of 25.5% in June,” the central bank said.