That compared with a deficit of $9.261 billion for last fiscal year, the State Bank of Pakistan said. “Lower food and oil prices, higher private transfers and receipt of logistical support payments from the US were the main reasons behind the lower current deficit in 2009/10 fiscal year,” said Asif Qureshi, director at Invisor Qureshi.
The United States released $288 million to Pakistan in May, in addition to more than $1.2 billion in reimbursements already transferred to Pakistan last year.
The funds are a part of the coalition support fund, a US programme to reimburse countries that have incurred costs supporting counter-terrorism and counter-insurgency operations. Pakistan recorded a provisional current account deficit of $453 million in June, compared with a provisional surplus of $63 million in May.
Published in The Express Tribune, July 17th, 2010.
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