Pakistan current account deficit reduced by over 72pc: adviser

Adviser on Finance Abdul Hafeez Sheikh said that the current account deficit reduced by seventy three percent during the first five months of current fiscal year. However, he said this while comparing current statistics with the corresponding period last year.

He updated the nation on economic performance in a tweet on Friday.

Meanwhile, he said the foreign exchange reserves of State Bank of Pakistan increased by 1.8 billion dollars during this period.

He said reduction of three billion dollars in foreign exchange swaps and forward liabilities increased the foreign exchange buffer by $ 4.8 billion.

Furthermore, he said it has provided further stability to external account.

On the other hand, IMF executive board also acknowledged Pakistan’s economic reforms plan.

Specially, it appreciated Pakistan’s commitment to expanding social safety nets, reducing poverty and narrowing the gender gap.Meanwhile, IMF’s First Deputy Managing Director David Lipton acknowledged Pakistan’s plan in this regard. Particularly, he referred to Pakistan’s comprehensive plan to address the accumulation of arrears in the power sector.

He also pointed to ongoing efforts to further improve the business environment, strengthen governance and foster private sector investment.