PM Year in Review 2020: CAD post surplus, FX reserves cross $13bn
- The Foreign Exchange Reserves crossed $13 billion, the highest since February 2018.
Prime Minister Imran Khan's performance for the year 2020 has been announced. As per the statement, achievements were made in the economic field despite the coronavirus pandemic.
Under the COVID Response Rs. 1.2 trillion COVID Relief Package was announced, Rs. 180 billion disbursed through Ehsaas Emergency Cash, multiple other economic stimulus measures, Construction Industry Package to ensure employment for daily wagers were announced.
In the construction sector, Naya Pakistan Housing 20000 housing units worth Rs. 100 bn inaugurated by PM Imran Khan, Allama Iqbal Industrial City Faisalabad groundbreaking was conducted BRT inauguration, Karachi Transformation Plan - Karachi Package, Ravi Urban Development Project.
The statement further reads, that after five decades after Mangla and Tarbela, construction for two large dams, Diamer-Basha and Mohmand, is well underway.
In the power sector, the Azad Pattan and Kohala Hydropower Projects were inaugurated, Mohmand - Sheikh Zayed Road inaugurated. The CPEC Special Economic Zones were initiated, Quaid-e-Azam Business Park Sheikhupura, Balochistan & Sindh High-Speed Broadband Project, and Chakwal Northern Bypass were also initiated
In 2020, the economic indicators were as such, the Current Account Balance (Jul-Nov) posted $1.6 billion surpluses in FY21, the remittances (Jul-Nov) stood at $11.8 billion showing an increase of 27%, Exports for (Jul-Dec) posted at $12.1 billion increase of 5%. Whereas, the Large Scale Manufacturing (July-Oct) posted growth of 6.7%.
Meanwhile, the Foreign Exchange Reserves crossed $13 billion, the highest since February 2018.
The statement added that the textile industry operating at full capacity, 80,000 power looms opened (50,000 old re-opened, 30,000 new ones). Cement industry operating at full capacity, witnessing record orders. Vehicle, motorbikes, rickshaw sales rising.
Energy Relief Package for industries to encourage exports for sustainable economic growth was also announced in 2020.
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