ISLAMABAD: Prime Minister Imran Khan on Tuesday said that the economy of Pakistan has finally headed in the right direction.
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The prime minister posted on twitter that the current account of Pakistan turned positive in October 2019, for the first time after a gap of four years.
Pak economy finally heading in right direction as more of our economic reforms bear fruit: Pak’s current account turned into surplus in Oct 2019, for first time in 4 yrs. Current account balance was +$99 mn in Oct 2019 compared to -$284 mn in Sept 2019 & -$1,280 mn in Oct 2018
— Imran Khan (@ImranKhanPTI) November 19, 2019
In another tweet, he mentioned that for the first four months (July-October) of the current fiscal year, the current account deficit has fallen by 73.5 percent as compared to the same period of the previous year.
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
The primary reason for the surprising change in the state’s current account balance was observed as the inflow of foreign currencies surpassed the outflow by $99 million in October due to a notable reduction in imports and firm worker remittances.
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