Karachi
Pakistan’s current account balance stood in surplus at $881 million in the first eight months (July-February) of of the current fiscal year 2020-21 compared to a deficit of $2.74 billion in the same period of the last year, according to the central bank.
Pakistan’s current account deficit was recorded at $50 million in February 2021, said the central bank in a series of tweets the other day.
The deficit has narrowed down this time on the basis of growth in foreign income rather than cut in the expenditures.
The income surged with the much-needed increase in export earnings, as inflows on workers’ remittances have already remained strong since June 2020.
The modest deficit has paved the way to boost eco-nomic activities in the country. However, the wors-ening third wave of the Covid-19 pandemic and spikes in prices of the commodities including food and energy remained some of the immediate chal-lenges to economic growth.
The deficit is almost 75 percent lower in February compared to the same month of the last year. It fell by slightly over 76 percent compared to the previ-ous month of January, the State Bank of Pakistan (SBP) reported.
February was the third successive month which recorded a deficit in the current account balance, which earlier stood in surplus for the first five suc-cessive months (July-November) of the current fis-cal year.—TLTP
