Pakistan’s current account posted a surplus of $424 million last month: PM Imran Khan

Prime Minister Imran Khan took to Twitter to share latest data on the country’s current account balance saying it posted a surplus of $424 million in July 2020, here on Monday.

He said in his tweet that “MashaAllah Pakistan’s economy is on the right track. After current account balance posted a deficit of $613 mn in July 2019 & a deficit of $100 mn in June 2020, in July 2020 current account balance swung upwards to a surplus of $424 mn,” he tweeted.

“This strong turnaround is a result of a continuing recovery in exports, which rose 20 % compared to June 2020, & record remittances.”

Meanwhile, the State Bank of Pakistan (SBP) in a Twitter statement confirmed Pakistan’s current account balance swung into a surplus of $424 million in July 2020 after posting a deficit of $100 million in June.

“This is the fourth monthly surplus since last October, and a significant improvement on the deficit of $613 mn in the same month last year,” the central bank said, adding: “strong turnaround is due to a continued recovery in exports and record-high remittances, with support from several policies and administrative initiatives by SBP and government. Exports sustained strong recovery, with m/m growth of further 19.7% in July on top of 25.5% in June.”