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Exceptional turnaround in Pakistan economy regardless of COVID-19: PM Imran Khan

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  • November saw current record overflow of $447m
  • Jul-Nov FY20-21 overflow remains at $1.6b
  • Remarkable turnaround notwithstanding COVID-19, says PM Imran Khan

ISLAMABAD: Prime Minister Imran Khan on Tuesday shared “great news on economy” in spite of the novel Covid pandemic.

“MashaAllah, despite COVID-19 great news on economy,” he wrote in a tweet. “Remarkable turnaround. The premier said Pakistan’s current account surplus in the month of November was $447 million, raising the cumulative surplus for the year to $1.6 billion.”

For a similar period a year ago, the nation confronted a shortfall of $1.7 billion. “State Bank of Pakistan’s foreign exchange reserves have risen to about $13 billion – highest in three years,” he added. 

Also read: Pakistan’s dynamic citizens list crosses 3m benchmark for the primary time

This is the fifth continuous month the nation has seen a current record surplus.

In a tweet, the national bank said the nation’s present record overflow rose further to $447 million against a deficiency of $326 million in November last year. 

It added that as opposed to past five years, current record has been in excess all through the current monetary year “due to an improved trade balance and a sustained increase in remittances”.

“In November 2020, both exports and imports picked up reflecting recovery in external demand and domestic economic activity,” it clarified. “This turnaround in the current account, together with improvement in financial inflows, raised SBP’s foreign exchange reserves by around $1 billion in November 2020.”

“At $13.1 billion, they are now at their highest level in 3 years.”

Read more: Pakistani rupee expected to broaden upward pattern against US dollar next week

According to Ministry of Finance’s month to month updates and viewpoint report, the current record stayed in overflow of $382 million in October. The excess for July-October FY20-21 remained at $1.2 billion (1.3% of the GDP) against a deficiency of $1.4 billion in a similar period last monetary year.

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