Islamabad: Pakistan’s current account balance has recorded a significant increase, supported by the efforts of the Special Investment Facilitation Council. This financial improvement comes after a period of three consecutive months of deficits.
According to Ministry of Information and Broadcasting, the current account stood positive last month, marking an increase of $75 million. This shift is attributed to various sectors showing robust growth, particularly in information technology and foreign investments.
The exports in the IT sector have climbed to $298 million, reflecting a 27 percent increase, which now accounts for 48 percent of the country’s total exports. The beginning of the current fiscal year has also seen a notable rise in foreign investments, with inflows reaching $350 million, a 64 percent increase from the $225 million recorded during the same period in the previous year.
Moreover, remittances from overseas Pakistanis have surged to $2.94 billion in August, up from $2.09 billion in the corresponding month last year, bolstering the national economy.