Economy recovering at fast pace: PM

Updated 17 Nov 2020

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Prime Minister Imran Khan has said Pakistan’s economy has been recovering at a pace rivaled by none in the region.  — Photo courtesy Prime Minister Office Twitter/File
Prime Minister Imran Khan has said Pakistan’s economy has been recovering at a pace rivaled by none in the region. — Photo courtesy Prime Minister Office Twitter/File

ISLAMABAD: Prime Minister Imran Khan on Monday said that at a time when the global economy was being battered by the adverse effect of Covid-19 pandemic, Pakistan’s economy has been recovering at a pace rivaled by none in the region.

Chairing a meeting to review the economic situation, PM Khan reiterated the government’s resolve to improve macroeconomic condition of the country, besides ensuring its trickle down effects at the grassroots level for the well-being of the populace.

According to a PM Office press release, the prime minister also mentioned the unprecedented steps taken by the government for ease of doing business and emphasised on moving further in the direction to improve exports.

Minister for Economic Affairs Makhdoom Khusru Bakhtiyar briefed that the major indicators, including the country’s current account balance for the 1QFY21, registered a surplus of $792 million as against a deficit of $1.492 billion the same quarter last year.

The strong performance of current account balance had been achieved after 15 years, he added.

He said the balance of trade narrowed from $5.791bn for the 1QFY21 as against first quarter last year that was $6.146bn, showing a six per cent improvement.

During the period, he said, the exports maintained their positive momentum despite challenges while the imports were brought down significantly.

Further, workers’ remittances during the first four months of the current fiscal year were $9.4bn, which augured well for the external account stability, he added.

Unveiling the official external inflows during 1QFY21, he informed the meeting that the same were $2.919bn as against $2.18bn the same quarter last year. That translated into a 25pc increase.

He further said the external public debt servicing during the 1QFY21, amounted to $1.752bn as against $2.519bn in the corresponding period last year. It translated into 44pc decrease in external debt servicing, which was mainly attributable to the government’s strategy to successfully avail G-20 debt relief.

Khusru Bakhtiyar said the reserves held by the State Bank of Pakistan had reached $12.154bn as against $7.937bn during the first quarter last year. The foreign exchange reserves showed the growth of 35pc.

The prime minister lauded the efforts of the economic team on the improved economic indicators.

Published in Dawn, November 17th, 2020