On Wednesday, Prime Minister Imran Khan shared the “great news” that the country is heading in the “right direction” as Pakistan’s current account recorded a surplus of $792 million in the first quarter of the ongoing fiscal year 2020-21.
He shared that the current account was in surplus of $73 million during September, bringing the surplus for the first quarter to $792 million. He further said that Pakistan had registered a shortfall of $1,492 million during the same quarter of 2019.
Read more: Pakistan posts current surplus for the second month
PM took to Twitter and posted, “Great news for Pakistan. We are headed in right direction finally. Current Account was in surplus of $73 mn during Sept, bringing surplus for 1st qtr to $792 mn compared to deficit of $1,492 mn during same time last yr. Exports grew 29% & remittances grew 9% over previous month.”
Great news for Pakistan. We are headed in right direction finally. Current Account was in surplus of $73 mn during Sept, bringing surplus for 1st qtr to $792 mn compared to deficit of $1,492 mn during same time last yr. Exports grew 29% & remittances grew 9% over previous month.
— Imran Khan (@ImranKhanPTI) October 21, 2020
PM Khan further shared that the continued buoyancy in remittances is up by 9% on a month on month basis and a broad-based rebound in exports increased by 29% on a month on month basis which led to the current account surplus in September.
Meanwhile, it was the first quarterly surplus in more than five years, as per the statement of State Bank of Pakistan. “In September, the current account posted a surplus for a third successive month. The surplus reached $73 million against a deficit of $278 million a year earlier,” said the SBP in a series of tweets.
It added that “the current account recorded a surplus of $792 million in Q1-FY21, the first quarterly surplus in more than 5 years”.
“Continued buoyancy in remittances (up 9% m/m) and a broad-based rebound in exports (up 29% m/m) drove the surplus in September. Imports also picked up in line with the on-going revival in domestic economic activity.”
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