ISLAMABAD – PTI government finance advisor reveals the biggest economicachievement in FY 2019-20.
Adviser on Finance Abdul Hafeez Sheikh has said that the current accountdeficit reduced by seventy three percent during the first five months ofcurrent fiscal year as compared to the corresponding period last year.
In a tweet on Friday, he said the foreign exchange reserves of State Bankof Pakistan increased by 1.8 billion dollars during this period.
He said reduction of three billion dollars in foreign exchange swaps andforward liabilities increased the foreign exchange buffer by 4.8 billiondollars which provided further stability to external account.
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Current Account Deficit is down by 72.6% in Nov 2019 & 73% between July-Nov2019 vs same period in 2018.In 5 months, increase in SBP Reserves by $1.8B& reduction of $3B in FX swaps/forward liabilities increased FX buffer by$4.8B providing further stability to external account.pic.twitter.com/TLODiizRsi link— Dr. Abdul Hafeez Shaikh (@a_hafeezshaikh) December 20,link
