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      Rahul Gandhi criticizes Modi’s handling of relations with China

      Rahul Gandhi criticizes Modi’s handling of relations with China

      Chinese fans welcome ‘Comrade Musk’

      Chinese fans welcome ‘Comrade Musk’

      Syrian refugee becomes mayor of German village

      Syrian refugee becomes mayor of German village

      China declines US invitation for meeting in Singapore

      China declines US invitation for meeting in Singapore

      Shanghai records hottest May day in 100 years

      Shanghai records hottest May day in 100 years

      Erdogan launches new attack against Turkey’s LGBTQ Community

      Recep Tayyip Erdogan pays homage to his executed Islamic predecessor

      Earthquake jolts different parts of Punjab and KP

      Japan: Earthquake hits coast east of Tokyo

      Tipu Sultan bedchamber sword sold for $17.4 million

      Tipu Sultan bedchamber sword sold for $17.4 million

      Wall Street debt payments at risk of default

      Wall Street debt payments at risk of default

    • BUSINESS
      Meeting with Bilawal Bhutto demonstrates Pak-China close ties, Zhao Lijian

      Pakistan to develop its economy with great potential, Zhao Lijian

      OGRA reduces prices of LPG for June 2023

      OGRA reduces prices of LPG for June 2023

      Govt trying to put inflation burden over rich class, Dr. Aisha Ghaus

      Minister termes IMF mission chief’s statement as “interference”

      Ishaq Dar to lead high-ranking delegation for meetings with IMF, WB

      Govt shares budget proposal with IMF for review

      Ishaq Dar confirms to return Pakistan in July

      Islamic finance potentially able to address challenges of poverty, Dar

      US Ambassador calls on Finance Minister Ishaq Dar

      US Ambassador calls on Finance Minister Ishaq Dar

      World Bank approves $213 million in financing for Balochistan

      World Bank approves $213 million in financing for Balochistan

      OGRA takes action against illegal sale of petroleum products

      OGRA takes action against illegal sale of petroleum products

      Ishaq Dar to lead high-ranking delegation for meetings with IMF, WB

      Successfully conclude tasks pertaining to IMF, Ishaq Dar

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      Jordan’s Crown Prince Hussein bin Abdullah ties knot with Saudi architect

      Jordan’s Crown Prince Hussein bin Abdullah ties knot with Saudi architect

      Arjun Kapoor finally speaks about her partner Malaika’s pregnancy rumors

      Arjun Kapoor finally speaks about her partner Malaika’s pregnancy rumors

      Hate against Muslims becomes fashionable in India, Naseeruddin Shah

      Hate against Muslims becomes fashionable in India, Naseeruddin Shah

      Ranbir to replace Salman Khan in Aamir Khan’s ‘Campeones’ remake

      Ranbir to replace Salman Khan in Aamir Khan’s ‘Campeones’ remake

      Highly-anticipated movie ‘Adipurush’ continues to make waves

      Highly-anticipated movie ‘Adipurush’ continues to make waves

      Arooj Aftab ignites social media debate on cultural labelling

      Arooj Aftab ignites social media debate on cultural labelling

      Music star Salman Ahmed condemns May 9 vandalism

      Music star Salman Ahmed condemns May 9 vandalism

      Celebrities, renowned personalities pay homage to martyrs

      Celebrities, renowned personalities pay homage to martyrs

      Indian TV star Nitesh Pandey passes away

      Indian TV star Nitesh Pandey passes away

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      Kylian Mbappe becomes new French captain

      Kylian Mbappe gets Ligue 1 player of the Season for fourth time

      French prosecutors charge VP with corruption in Qatar 2022 World Cup

      French prosecutors charge VP with corruption in Qatar 2022 World Cup

      Wicketkeeper Jimmy Peirson included to Australia’s squad for Ashes

      Wicketkeeper Jimmy Peirson included to Australia’s squad for Ashes

      El Salvador cancels national football tournament following stampede

      El Salvador cancels national football tournament following stampede

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      Jordi Alba to leave Barcelona after 11 years in end of this season

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      Always Love Yourself First: Embracing Self-Love and Respect

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      Exploring the Path to Real Happiness: Living in the Present with Joy

      Exploring the Path to Real Happiness: Living in the Present with Joy

      No need to nullify NAB laws, Supreme Court

      PTI to return assembly if wants amendments in NAB laws, SCP

      IK including Bushra Bibi declares his assets including

      Imran Khan spend Rs900 m at Prime Minister Office between 2019 to 2021

      Peru sentences ex-president to 1.5 years in prison

      Peru sentences ex-president to 1.5 years in prison

      ISLAMABAD: Police mobile crushes Mother, Daughter to death

      ISLAMABAD: Police mobile crushes Mother, Daughter to death

      ECP unanimously finds PTI guilty of receiving prohibited foreign funds

      Imran Khan to send Rs10b notice to CEC in Toshkhana reference

      T20 World Cup: New Zealand thrashes hosts Australia in the first match

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      Voice of Sindh
      Home BUSINESS

      Current Account Deficit Declines by 68%

      The lowest monthly deficit recorded in two years with a decline of 86% on a YoY basis

      Web Desk by Web Desk
      in BUSINESS, FINANCE
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      Pakistan’s Current Account Deficit (CAD) declined by 68 percent to $3.8 billion during the first eight months of the current fiscal year (FY23) from $12 billion during the same period last year.

      February showed a healthy sign as the CAD fell to just $74 million against $519 million last year, the lowest monthly deficit recorded in two years with a decline of 86 percent on a year-on-year (YoY) basis.

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      The trade deficit for goods and services during the first eight months of FY23 was $19 billion compared to $29.8 billion last year.

      The decline in the CAD comes due to a fall in imports while no higher exports or inflows were noted. Though the balance of payment depicted a healthy sign for improvement in the external economic front, the government is unable to meet even this decreasing CAD owing to extremely poor foreign exchange reserves.

      February’s deficit was even much lower than January’s $230 million. The decline made a trend for the CAD throughout FY23 and may end up with much lower deficit compared to last year. The CAD stood at 17.4 billion during the last fiscal year (FY22).

      Experts believe the CAD could be around $6 billion in FY23. This figure is quite problematic for the country as the International Monetary Fund (IMF) has been demanding the government to arrange the amount needed to meet the deficit by the end of FY23.

      Pakistan’s foreign exchange reserves currently stand at $4.8 billion after it got much-needed support of $500 million from China last week.

      The reserves, however, are barely enough to cover one month of imports and not enough to make the due repayment of around $7 billion over the next four months (Mar-June FY23).

      Experts say that friendly countries are reluctant to extend loans due to political uncertainties as they fear Pakistan may default and their money could get stuck up.

      It was revealed by former finance minister Miftah Ismail that Pakistan had met all IMF conditions. In order to meet the Fund’s conditions, the government has increased the interest rate to 20 percent. This high rate has crippled the country’s trade and industry while resulting in higher inflation of 30pc.

      In order to contain the fiscal deficit, the government has also cut down the development budget, subsequently slowing down the economic growth and creating joblessness in the country.

      Tags: current deficit

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      Voice of Sindh is an initiative designed to uncover the untold stories of Sindh. It aims to preserve and promote the diverse culture, heritage, history, and traditions that make Sindh the bastion of pluralism and progress.

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