Pakistan Achieves 10-Year High Current Account Surplus
Prime Minister Shehbaz Sharif praised Pakistan’s economic milestone as the country recorded a $729 million current account surplus in November 2024, marking the highest surplus in a decade. This positive development reflects the government’s consistent policies to stabilize the economy.
Three Consecutive Surplus Months
According to the State Bank of Pakistan (SBP), the current account recorded surpluses for three consecutive months:
- September 2024: $86 million surplus
- October 2024: $349 million surplus
- November 2024: $729 million surplus (highest since 2015)
This upward trend highlights the effectiveness of restrictive import measures and other economic policies.
Key Economic Performance at a Glance
| Key Metrics | Values |
|---|---|
| November 2024 Surplus | $729 million |
| October 2024 Surplus | $349 million |
| Surplus in First Five Months (FY24) | $944 million |
| Previous Year’s Deficit (5 Months) | $1.68 billion |
Government’s Economic Policies Driving Growth
PM Shehbaz emphasized that the current account surplus is a direct result of the government’s positive policies, which include:
- Lower Policy Rate: The State Bank of Pakistan’s decision to reduce the policy rate.
- Declining Inflation: A gradual decrease in the inflation rate.
- Import Restrictions: Measures to limit imports and prioritize local industries.
The prime minister stated that these developments will enhance Pakistan’s economic standing internationally while also boosting investor confidence, both locally and globally.
Recognition for Economic Team
Prime Minister Shehbaz Sharif expressed his appreciation for the government’s financial leadership, including:
- Finance Minister Muhammad Aurangzeb
- Minister of State for Finance Ali Pervaiz Malik
- The broader economic team for their dedicated efforts to stabilize the economy.
He reiterated that such consistent economic achievements would pave the way for long-term financial stability in Pakistan.
Conclusion
Pakistan’s record-breaking $729 million current account surplus marks a significant milestone for the national economy. The government’s strategic economic measures, including import control, declining inflation, and interest rate adjustments, are showing tangible results. This surplus not only strengthens Pakistan’s position in the international economic market but also fosters greater investor confidence, setting a positive trajectory for future growth.