Current account deficit likely to hit $20 billion

ISLAMABAD:

The country’s current account deficit is expected to cross $20 billion mark by the end of the current fiscal year.

According to sources from the cabinet in waiting, the actual figure of the current account deficit in 2018 was $19 billion.

With respect to the foreign exchange reserves, the sources also termed the claims of the Pakistan Tehreek-e-Insaf leaving $22 billion in foreign exchange reserves misleading, citing that actual numbers of the reserves with the central bank was $11 billion.

 In 2018, the State Bank of Pakistan’s (SBP) foreign exchange reserves stood at $10 billion.

Similarly, the sources also rejected the PTI’s claims of collecting taxes worth of Rs6.1 trillion in 2022, saying that the tax to GDP ratio has decreased significantly.

Published in The Express Tribune, April 17^th, 2022.

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