Prime Minister (PM) Imran Khan on Tuesday stated that Pakistan's economy is 'finally' headed in the right direction as more of government's economic reforms bear fruit as shown by the current account which turned into surplus for the first time in four years.
The PM took to his personal Twitter handle said that for the first time in four years Pakistan's current account turned into surplus in October 2019. He further said that Pakistan's current account balance was $99 million in October 2019 compared to a negative $284 million in September 2019 and negative $1,280 million in October 2018.
He added that for first four months of the country's fiscal year, the current account deficit has fallen by 73.5 percent compared to same period last fiscal year. "For first 4 months of our fiscal year our current account deficit has fallen by 73.5pc compared to same period last fiscal year. Our exports of goods and services in October 2019 rose 20pc over previous month and 9.6pc over October 2018," he tweeted.
The PM also congratulated the exporters and encouraged them to do more.
For first 4 months of our fiscal year our current account deficit has fallen by 73.5 % compared to same period last fiscal yr. Our exports of goods & services in Oct 2019 rose 20% over previous month and 9.6% over Oct 2018. I congratulate our exporters & encourage them to do more
— Imran Khan (@ImranKhanPTI) November 19, 2019
On Monday, the latest data released by the State Bank of Pakistan (SBP) showed the government has succeeded in bringing down the current account deficit.
The current account surplus in October, after a gap of 4 years, is a great omen. With consistent results of the tough stabilization measures which have been taken now clearly visible, we can start to move towards the ultimate objective of sustainable growth and job creation
— Asad Umar (@Asad_Umar) November 19, 2019