ISLAMABAD: Finance Minister Ishaq Dar has stated that last fiscal year -2022-23 has been closed with a current account deficit of $2.56 billion as opposed to $17.48 billion for the fiscal year 2021-22.

Addressing through state-owned television, the finance minister said the current account has been in surplus for the last four consecutive months and June 2023 has been closed with a surplus current account of US$ 334 million as opposed to $ 2.321 billion current account deficit in June 2022.

The finance minister further stated that this is due to the management of the present government, adding not only all the external payments have been made in time, it is ensured that there is no default position. He congratulated the economic team, the prime minister and the State Bank of Pakistan.

He said Pakistan is in the safe zone and when the prime minister assumed office, Pakistan’s foreign exchange reserves were $14 billion and the SBP reserves were at $9.7 billion.

The economic team’s efforts will be that when the government completes its constitutional term in August 2023, it makes all the external payments and leave the foreign exchange reserves at the same level it had inherited.

Copyright Business Recorder, 2023