Remarkable turnaround in economy despite COVID-19 says Imran Khan

Prime Minister Imran Khan in a Tweet on Tuesday Morning gave good news on the economy despite coronavirus pandemic.

MashaAllah despite Covid 19 great news on economy – remarkable turnaround. Current account surplus again in Nov: $447 mn. For fiscal year so far, surplus is $1.6 bn as opposed to deficit of $1.7bn same period last yr. SBP's FX reserves have risen to about $13 bn, highest in 3 yrs

— Imran Khan (@ImranKhanPTI) December 22, 2020

He said “MashaAllah, despite COVID-19 great news on economy,” he wrote in a tweet. “Remarkable turnaround. The premier said Pakistan’s current account surplus in the month of November was $447 million, raising the cumulative surplus for the year to $1.6 billion.

For the same period last year, the country faced a deficit of $1.7 billion. “State Bank of Pakistan’s foreign exchange reserves have risen to about $13 billion – highest in three years,” he added.

This is the fifth consecutive month the country has seen a current account surplus.

Meanwhile, in a tweet, the central bank said the country’s current account surplus rose further to $447 million against a deficit of $326 in November last year.  It added that in contrast to previous five years, current account has been in surplus throughout the current fiscal year “due to an improved trade balance and a sustained increase in remittances”