Pakistan’s Current Account is Not in Deficit for 2 Consecutive Months
Due to a reduction in the cost of imports and stabilization of remittances, Pakistan’s current account remained deficit-free in August, and for the second consecutive month of the current financial year.
The current account balance remained surplus.
According to the State Bank of Pakistan, the current account had a surplus of $297 million in August, compared to a surplus of $508 million in July. The current account remained profitable in August, with a current account balance of 297 million in August 2020. The dollar was surplus, the current account balance surplus for the second year in a row.
According to the SBP, the current account deficit was eliminated due to a reduction in imports and an increase in remittances. In July 2020, the current account balance was a surplus of $508 million.
In the first two months of this year, the current account balance was $800 million. The current account deficit was $1.2 billion in the same period of the previous financial year. Efforts to increase remittances, flexible exchange rates, and lower import costs have improved the current account situation.
The construction industry is the backbone of any country’s economic activity and that is why Imran Khan was seen talking about it even before he came to power.
After coming to power, Prime Minister Imran Khan announced a special construction package, the biggest result of which was that the CDA received the highest investment in its history in Islamabad.
Since then, developer organization Abad has announced that construction projects worth Rs 1.37 trillion will be launched across the country in the next three to four months. For this purpose, the NOC phase has been made extremely easy. Web portals and helplines have been set up so that there is no delay in starting the construction project.
As you know, dozens of other industries are involved in the construction sector, so when this organization “Abad” launches more than one lakh housing project, they will have an estimated economic activity of Rs 1.37 trillion.