Pakistan's current account remains in surplus for 4 months
Pakistan's current account balance remained in surplus for the fourth consecutive month in October, rising to $ 382 million or 1.6 per cent of the gross domestic product ( GDP), data released by the State Bank of Pakistan ( SBP) showed.
"In October, the current account surplus rose further to $382 million from $59 million in September (+547pc MoM), on the back of a sustained increase in remittances and smaller trade deficit," the SBP said.
"Since the start of this fiscal year in July, the cumulative current account surplus has reached $ 1.2 billion, reversing the $ 1.4 billion deficit recorded in the same period last year."
So far, in the four- month period from July to October, total inflows of remittances have risen to $ 9.43 billion, up 26.5pc compared to $ 7.45 billion in the same period last year.
On the other hand, during the same July- October period, the country's trade balance in goods has risen four per cent to $ 6.74 billion from $ 6.48 billion during the same period last year; the services trade balance narrowed 38pc to $ 785 million compared to $ 1.27 billion.
Reacting to this development, Minister for Industries and Production Hammad Azhar said "Pakistan's economy continues to improve".
Meanwhile, the National Coordination Committee on Foreign- Funded Projects ( NCC- FFP) forum reviewed progress of the development projects of Water Sector funded by World Bank, Asian Infrastructure Investment Bank, USA, France, Germany, Saudi Fund, Kuwait, and OPEC Fund for International Development ( OFID).
At present, 15 foreignfunded projects in Water Sector amounting to US$ 3,239 million are under implementation, said a press release issued by Ministry of Economic Affairs here.
The Federal Minister for Economic Affairs Makhdum Khusro Bakhtyar chaired the meeting of National Coordination Committee on Foreign- Funded Projects ( NCC- FFP) pertaining to Water sector ( Federal) at Ministry of Economic
Affairs here.
The representatives of the Ministry of Water Resources, Planning Commission of Pakistan, member Water of WAPDA, representatives of PM's Office, Finance Division and Provincial P& D Departments and Boards of
Revenues attended the meeting. The minister Bakhtyar said that the potential of ongoing hydropower and water sector development projects are essential for power generation at affordable rates and sustainable development in our economy.
He further highlighted that the incumbent government is focusing on construction of major dams which would fulfill our needs for water, food and energy security and in view of way long benefits towards stabilizing the economy of Pakistan.