Pakistan records $729 million current account surplus after 10 years

Following an increase of over $700 million, Pakistan's current account posted a third consecutive monthly surplus in November after the effective implementation of government policies aimed at curbing imports.

The country's current account recorded a surplus of $729 million in November, compared to $349 million in October and $86 million in September.

The latest data released on Wednesday by the state-run news broadcasting service PTV stated that this surplus marked the highest level since 2015.

The data indicated that the country's economy is recovering from the cash crunch, as the first five months of the current fiscal year showed a surplus of $944 million, compared to a deficit of $1.68 billion in the same period of the last fiscal year.

The deficit was $148 million in November 2023.

In November, statistics revealed a surplus, attributed to a 14% month-on-month decrease in the trade deficit to $1.361 billion and a 43% decline in the services deficit to $152 million. This resulted in an 111% surplus compared to the previous month.

Lauding recent economic developments, Prime Minister Shehbaz Sharif stated, 'For the first time in 10 years, Pakistan's current account surplus reached $729 million in November 2024, which is an extremely encouraging development for the national economy.'

The Premier asserted that the current account surplus, coupled with increased remittances, a cut in the policy rate, and declining inflation, served as 'clear evidence' of the government's effective economic policies.

PM Shehbaz expressed optimism about the country's strengthened position in the international market, attributing it to a significant increase in the current account surplus.

PM Shehbaz appreciated the efforts of Finance Minister Muhammad Aurangzeb, Minister of the State for Finance Ali Pervaiz Malik and the government’s economic teams.

He expressed confidence that these transformations in economic structure would attract foreign and local investors’ trust and provide capital for Pakistan’s economy.