ISLAMABAD: A massive economic achievement for PTI government at theeconomic front.
Pakistan’s current account deficit, in the first four months of the currentfiscal year, shrank by a massive 73.5 per cent to $1.5 billion.
In a statement, State Bank of Pakistan (SBP) said that the improvementreflected a notable reduction in imports, a modest growth in exports andsteady workers’ remittances.
“On account of favorable balance of payment developments, the rupee hasappreciated 5.6 percent since its low in June 2019,” read the statement.
Since the beginning of the fiscal year, gross reserves have risen by $1.16billion through November 15 and the SBP has reduced its foreign currencyswaps by $1.95 billion through end of October.
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The report further said that FBR tax collections grew 16.2 percent duringthe first four months of the fiscal year-2020 as compared to 6.4 percentduring the same period last year. While inflation rose by 1.8 per cent inOctober-2019, read the statement.
Earlier on November 18, Adviser to the Prime Minister on Finance Dr AbdulHafeez Sheikh had claimed that the current account deficit had shrunk by amassive 63.1 per cent in the first quarter of current fiscal year.
Talking to renowned anchorperson in Islamabad, Hafeez Sheikh had said thattrade deficit fell by 33.5 per cent during the first quarter of the fiscalyear-2019-20. He had noted that exports increased by 3.8 per cent duringthe period.
