The Ministry of Commerce on January 18, 2024 said that Pakistan has achieved record-breaking exports target and surpassing expectations at the end of second quarter of Financial Year 2024. In a remarkable turn of events, Pakistan has transitioned from facing potential default to achieving a recordbreaking surplus in its current account, showcasing the nation’s resilience and commitment to economic stability, said a press release issued on January 18, 2024. In December 2023, Pakistan achieved an impressive current account surplus of $397 million. This surplus contributed to the overall surplus of $198 million in the second quarter of Financial Year 2024.
This substantial increase in surplus is a testament to the effective economic strategies implemented by the government. The December 2023 surplus is particularly noteworthy when compared to the deficit of $365 million recorded in December 2022. This significant improvement has led to a remarkable 77 percent reduction in the Current Account Deficit (CAD), which now stands at $2.8 billion. The Ministry of Commerce urges all stakeholders to build on this momentum, emphasizing the need for collective efforts to sustain and enhance this positive trajectory. Minister Dr Gohar Ejaz expressed optimism, stating, “Let’s build on this momentum, onward and upward! Together, we can continue to strengthen Pakistan’s economic foundation.”
Source: IBP