Current account stays surplus for 4th consecutive month: Finance Minister

Islamabad: Federal Minister for Finance and Revenue, Senator Mohammad Ishaq Dar said that the country witnessed Current Account Surplus (CAS) of $334 million during the month of June 2023 against the deficit of $2,321 million during the same month of last year.

Talking to media, the finance minister said that this was for the fourth consecutive month that Pakistan has been witnessing surplus in current account owing to the proper management of economy.

He said, the total Current Account Deficit (CAD) declined to $2.56 billion during the fiscal year 2022-23, which is 14.65 percent of the deficit of US$17.48 billion recorded during the fiscal year 2021-22.

He said it was due to good management by the Prime Minister Shehbaz Shahbaz sharif that the country did not default, adding the incumbent government not only fulfilled all its sovereign commitments but also left no chance for country’s default.

He congratulated Prime Minister, economic team and State Bank of Pakistan (SBP) for successful management of country’s economy.

He said, this was the reason and answer to those pundits who wondered why Pakistan was not defaulting. He said, those pundits had left around $17 billion CAD last year and even $19 billion in past.

“Pakistan was in safe zone,” he remarked adding when Mohammad Shehbaz Sharif assumed power of Prime Minister, the country’s total reserves were between $14 and $15 billion.

Despite making all due sovereign payments would leave the country’s reserves at the same level when it completes its constitutional term.