Current account deficit shrinks by 63pc: Hafeez Sheikh

ISLAMABAD: Adviser to the Prime Minister on Finance Dr Abdul Hafeez Sheikh on Monday claimed that the current account deficit shrieked by a massive 63.1 per cent in the first quarter of current fiscal year, ARY News reported.

Talking to renowned anchorperson in Islamabad, Hafeez Sheikh said that trade deficit fell by 33.5 per cent during the first quarter of the fiscal year-2019-20. He noted that exports increased by 3.8 per cent during the period.

The finance adviser also claimed, “The government has taken concrete measures to eliminate circular dept by December 2020.” He said that the government put the economy on an upward trajectory of progress and development.

He said the government was making all-out efforts to increase revenue.

Hafeez Sheikh said that the International Monitory Fund (IMF) mission had expressed its satisfaction over their performance during the first quarter of the current fiscal year.

He further said that the government had reduced its expenditure, increased budget for development and poverty alleviation programme.

Earlier in September 19, the current account deficit (CAD) shrank by 54 per cent during the first two months of the current fiscal year.

According to figures released today, the CAD had minimized by $1.55 billion (54 per cent) to $1.29 billion as compared to $2.85 billion in the corresponding period of the last year.

The CAD had recorded at 2.8 per cent of gross domestic product (GDP) as against 5.5 per cent of the year 2018-19.