Pakistan’s current account deficit dropped by 4.4pc in 6 months

Pakistan’s current account deficit dropped by 4.4pc in 6 months

Karachi (Agencies): Pakistan’s current account deficit dropped by 4.4 percent in last 6 months as pressure on external account is decreasing, says Finance Ministry spokesperson Dr Khaqan Najeeb.


“In the first six months of the current fiscal year, economic numbers showed better performance,” said Najeeb.

“Remittances showed a growth of 10% from July to December,” he added. The spokesperson further said, “Foreign investment in December 2018 fared better by 17% compared with December 2017.”

Dr Najeeb added that the trade deficit shrank by 5% in the last six months.

“Exports grew by 2% and imports fell by 2% in the first six months of the fiscal year,” he stated.

Following imposition of regulatory duty on 1994 tariff lines their import dropped by 23% percent in the first six months over the same period last year, Dr Najeeb shared.

“The pressure on external account is decreasing and the current account deficit in the first six months dropped by 4.4% compared to the same period last year.”

Meanwhile, private sector borrowing reached Rs496 billion in the first six months of the current fiscal year as compared to Rs232 billion of the same period last year, he continued.

“During the first three months of the current fiscal year, agriculture sector borrowing increased by 36% to reach Rs212 billion,” the Finance Ministry spokesperson said.