Current account deficit for January falls by 54 pc: Asad Umar

ISLAMABAD: Finance Minister Asad Umar on Thursday said that Pakistan’s current account deficit for January down by 54 percent as compare to the same month in previous year.

Asad Umar took to Twitter saying that the Current account deficit for July to January downed $1.7bn versus same period in the last year.

 

Current account deficit for january down 54% versus jan last year. Current account deficit for jul to jan is down 1.7billion $ versus same period last year. Decisive actions taken by the govt to rescue an economy inherited on the verge of default showing visible positive results

— Asad Umar (@Asad_Umar) February 21, 2019

He said that decisive actions taken by the Tehreek-e-Insaf (PTI) led government to rescue an economy inherited on the verge of default showing visible positive results.

Read More: Trade deficit shrinks as imports decline and exports go up

It is pertinent to mention here that the government’s policy measures had resulted in shrinking of trade deficit, decline in imports and increase in exports which augurs well for overall balance of payment of the country.

The trade deficit that stood at US$ 17.7 Billion in July- December 2017 has shrunk by 5 percent to US$16.8 billion in the corresponding period in 2018, the Press Information Department had reported on January 11.

The overall imports from July-December 2018 have shrunk by over 2 percent from US$ 28.7 billion in July – December 2017 to US$ 28 billion in July – December 2018. This trend is even more pronounced in respect of imports under RD regime, where the import value has declined from US$ 5.2 billion in July – December 2017 to US$ 4.4 Billion in July – December 2018, showing a contraction of 16percent (effective on 1994 tariff lines).