ISLAMABAD, Feb 22 (APP):Finance Minister, Asad Umar said Friday that decisive actions by the government to rescue economy was showing visible positive results as indicated by the Current Account Balance position of the country.
“Decisive actions taken by the government to rescue an economy inherited on the verge of default are showing visible positive results,” the minister said in a Tweet Friday.
He said that the Current Account Deficit (CAD) for January has gone down 54% compared to the same month of last year, whereas the CAD for July to January declined $1.7billion $ compared to same period last year.
It is pertinent to mention here that the CAD narrowed by 16.79 percent during the first seven months of the current fiscal year compared to the corresponding period of last year, according to the latest data of State Bank of Pakistan (PBS).The CAD during July-January (2018-19) stood at $8,424 million compared to the deficit of $10,124 million during July-January (2017-18), the PBS data revealed.
The total deficit of both goods and services decreased by 5.25 percent, from $20796 million to $19704 million.
The current account to GDP ratio also declined to 4.9 percent during first seven months of current fiscal year as compared to the ration of 5.4 percent posted during same period of the preceding year.