PM Imran celebrates ‘a tremendous turnaround’ in the economy of Pakistan
Prime Minister Khan stated that the foreign exchange reserves of the Pakistan State Bank (SBP) have risen to approximately $13 billion, the highest in three years. For the fourth month in a row, the country’s current account remained in surplus, at $382 million in October 2020, compared to $59 million in September. Minister of Planning and Development said that this is the 4th month of the current account surplus. He further said that during the July-October period, the current account surplus was reported at $1.2 billion. Despite the Covid-19 pandemic, which brought a global downturn in economic activity in 2020 remarkable turnaround happened current account surplus. In comparison to the previous five years, owing to an improving trade balance and a sustained rise in remittances, the current account has been in surplus during FY21. Both exports and imports picked up in November 2020, suggesting a revival in global demand and domestic economic activity.