PM Imran Khan. PHOTO: PID/FILE

PM Imran lauds ‘remarkable turnaround’ in Pakistan’s economy

Foreign exchange reserves increase to $13 billion, says premier


News Desk December 22, 2020

Prime Minister Imran Khan on Tuesday said the country's foreign reserves have risen to around $13 billion, the highest in three years.

The premier said that despite the Covid-19 pandemic, which brought a global slowdown in economic activity in 2020, there is "great news on the economy" and a "remarkable turnaround".

Pakistan has achieved a current account surplus of $447 million for the month of November, added the prime minister. He further said there is a surplus of $1.6 billion for the fiscal year so far versus a deficit of $1.7 billion during the same period last year.

Earlier this month, the premier attributed the positive trends in the country’s economy – improvement in stock market performance and increase in investors’ confidence – to the business-friendly policies of the PTI led federal government.

The Asian Development Bank (ADB) has said that Pakistan’s economy was on the path of recovery. Some official estimates suggested 2.8% growth rate during the current fiscal year.

“Pakistan’s growth is forecast to recover in fiscal year 2020-21 as economic sentiment improves with the expected subsiding of Covid-19 and the resumption of structural reform,” said the ADB.

The country's remittances have also continued to increase over the past months. Cumulatively, in the first five months (July-November) of current fiscal year, remittances grew 27% to $11.77 billion compared to the same period of last year.

Pakistan had received remittances in the range of $1.78-1.9 billion per month in the prior five months - January-May 2020.

 

COMMENTS (1)

Adeela | 9 months ago | Reply

Is Pakistan s economy really growing If Pakistan s economy is growing then why should Saudi Arabia have paid only 1 billion and still have to give 5.2 billion. If the economy is growing then why is the economy in debt at 83 percent. Islamabad considers its financial capital as Karachi has a per person wage of only 1. Is this the model of development of Pakistan 

Replying to X

Comments are moderated and generally will be posted if they are on-topic and not abusive.

For more information, please see our Comments FAQ