Pakistan’s current account recorded a surplus of $729 million in November, marking the third consecutive month of positive balance, according to data released by the state-run PTV. This represents a sharp increase from the $349 million surplus in October and $86 million in September. The November figure is the highest monthly surplus recorded since 2015.
The improvement has been attributed to government policies aimed at curbing imports and stabilizing the economy. Over the first five months of the fiscal year, the current account registered a surplus of $944 million, compared to a deficit of $1.68 billion during the same period last year.
The trade deficit in November fell by 14% month-on-month to $1.361 billion, while the services deficit dropped by 43% to $152 million. This contributed to a significant turnaround, with the current account surplus posting a month-on-month increase of 111%.
Prime Minister Shehbaz Sharif commended the development, describing it as a “historic moment” for the economy. “For the first time in 10 years, Pakistan’s current account surplus reached $729 million in November 2024. This is an extremely encouraging development for the national economy,” the Premier said.
PM Shehbaz attributed the positive trends to effective economic management, including increased remittances, a cut in the policy rate, and declining inflation. He expressed optimism that these changes would enhance Pakistan’s position in the international market and attract both foreign and domestic investments.
The Premier also lauded the efforts of Finance Minister Muhammad Aurangzeb, Minister of State for Finance Ali Pervaiz Malik, and the government’s economic team for their contributions to achieving these results.
The government’s policies appear to be steering the economy toward recovery after a prolonged cash crunch, paving the way for renewed investor confidence and economic stability.
