PM Imran Khan says Pakistan made remarkable economic turnaround despite coronavirus pandemic
ISLAMABAD: Prime Minister Imran Khan on Tuesday said the country had made an interesting economic turnaround despite the novel coronavirus pandemic.
"MashaAllah, despite COVID-19 great news on economy," he wrote during a tweet. "Remarkable turnaround. The premier said Pakistan's accounting surplus within the month of November was $447 million, raising the cumulative surplus for the year to $1.6 billion."
For an equivalent period last year, the country faced a deficit of $1.7 billion. "State Bank of Pakistan's 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 accounting surplus. The financial institution said during a tweet that the present account surplus rose by $447 million against a deficit of $326 million in November last year.
"In contrast to previous five years, accounting has been in surplus throughout the present financial year thanks to an improved balance of trade and a sustained increase in remittances."
"In November 2020, both exports and imports picked up reflecting recovery in external demand and domestic economic activity," the SBP explained. "This turnaround within the accounting , along side improvement in financial inflows, raised SBP’s exchange reserves by around $1 billion in November 2020."
"At $13.1 billion, they're now at their highest level in 3 years."
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