Pakistan Achieves Historic Current Account Surplus with Strategic Economic Policies

Pakistan recorded a USD 2.1 billion current account surplus in the fiscal year ending June 30. This marks a turnaround from a previous deficit, achieved through policies discouraging luxury imports, bolstered remittances, and enhanced exports. Despite this progress, Pakistan continues with reforms under an IMF programme.

Pakistan's economy achieved a remarkable milestone by recording a current account surplus of USD 2.1 billion for the fiscal year ending June 30, according to recent official data. This fiscal achievement overturns a previous deficit of the same amount, signaling a noteworthy improvement in economic stability.

Prime Minister Shehbaz Sharif applauded this economic victory, attributing it to strategic policies that discouraged unnecessary luxury imports and promoted key export sectors, including textiles and IT. Additionally, record remittances from expatriates played a crucial role in achieving this surplus, presenting a significant 27% year-on-year increase.

Despite these positive developments, Pakistan remains committed to ongoing economic reforms under a USD 7 billion IMF program. The government is focused on maintaining economic momentum by fostering a business-friendly environment and executing structural reforms necessary for sustainable growth.

(With inputs from agencies.)