ISLAMABAD: Prime Minister Imran Khan on Tuesday said our current account deficit for the first four months of current fiscal year had fallen by 73.5 percent as compared to the same period last fiscal year.
“The country’s economy is heading in the right direction,” Imran Khan said in a tweet. He said the government’s economic reforms had started bearing fruit.
Alluding to different economic indicators, PM Khan said Pakistan’s current account turned into surplus in October this year for the first time in four years.
“The country’s exports of goods and services in October this year went up by 20 percent over previous month and 9.6 percent over October 2018,” he said.
Congratulating the exporters, Imran Khan encouraged them to do more to boost the country’s exports.
For first 4 months of our fiscal year our current account deficit has fallen by 73.5 % compared to same period last fiscal yr. Our exports of goods & services in Oct 2019 rose 20% over previous month and 9.6% over Oct 2018. I congratulate our exporters & encourage them to do more
— Imran Khan (@ImranKhanPTI) November 19, 2019
Abdul Hafeez Sheikh also confirmed that after more than four years, Pakistan posted a current account surplus of $99 million in October 2019 as compared to a $1.2 billion deficit last year. “In 4 months the deficit is down by $73%. “
“A very positive development for the external account and stabilisation of the economy,” he tweeted.
After more than 4 years, Pakistan posted a Current Account Surplus of $99M in October 2019 compared to a $1.2B deficit last year. In 4 months the deficit is down by $73%.
A very positive development for the external account and stabilisation of the economy.
— Dr. Abdul Hafeez Shaikh (@a_hafeezshaikh) November 18, 2019
On Nov 11, Dr Abdul Hafeez Sheikh had said the government had decided to give 300 billion rupees subsidised loan for industrialists to increase exports.
“The government has decided to give 200 billion more rupees to exporters as loan to increase exports in the country. The interest rates would be lowered for them and the difference would be paid by the government on loan from this amount,” Abdul Hafeez Sheikh said while addressing a press conference in Islamabad. He was flanked by Federal Minister for Economic Affairs Muhammad Hammad Azhar and Special Assistant to Prime Minister on Information and Broadcasting Dr Firdous Ashiq Awan.
He had said the loan provided by the central bank was also being increased by 100 billion rupees. “This way the exporters could be able to get loan from Rs300 billion.”
The advisor to the PM had said the loan was being provided so that more jobs were created in the country through increasing production in the factories for exports.