Prime Minister Imran Khan said that timely actions to contain the current account deficit has yielded results and the deficit shrank to only $0.5bn in Feb which was $2bn lower than in Jan and lowest monthly deficit so far this fiscal year, reporter 24NewsHD TV channel.
The prime minister said that the country's exports are close to an all-time high.
Timely actions to contain current account deficit bear fruit.Deficit shrank to only $0.5bn in Feb,$2bn lower than in Jan & lowest monthly deficit so far this fiscal yr.Exports close to all-time high & imports down 21% from their peak & strong growth in large scale manufacturing.
— Imran Khan (@ImranKhanPTI) March 19, 2022
The premier said that the imports were down 21 percent from their peak and strong growth in large scale manufacturing.
The Federal Board of Revenue (FBR) said that Pakistan’s current account deficit registered a massive 78% decline month-on-month, clocking in at $545 million in February 2022, the lowest in the ongoing fiscal year, showed data released by FBR.
In January, the deficit stood at $2.531 billion.
“In February, the current account deficit fell sharply to $0.5bn, the lowest in FY22 and only one-fifth the level in January,” said the SBP.
In Feb, the current account deficit fell sharply to $0.5bn, the lowest in FY22 and only one-fifth the level in Jan. Exports were close to all-time highs, rising 16% compared to Jan. Imports fell by 18% to their lowest level in FY22. For details, see https://t.co/Od8ikVvpBF pic.twitter.com/9SUPSLbPTC
— SBP (@StateBank_Pak) March 19, 2022