Current account deficit shrinks by 32 per cent

ISLAMABAD: Owing to business friendly policies adopted by the incumbent government to boost exports, current account deficit fell by 32 per cent during the current fiscal year, ARY News reported.

The Statistics Division has reported that the current account deficit (CAD) fell to $13.59 bn during the fiscal year-2018-19, decreasing by 32 per cent, from $19.90 bn in the same period last year.

Earlier on June 16, Adviser to Prime Minister on Finance, Revenue and Economic Affairs Dr. Abdul Hafeez Shaikh had said that due to effective measures taken by the government ,current account deficit had shirked to $7 billion during past few months.

Addressing a post budget conference, ‘Pakistan Back on Track’ in Islamabad, Hafeez Shaikh had said that the current government had inherited $20 bn current account deficit and it required 2000 billion rupees for debt servicing.

The advisor had said that the government was striving hard to overcome the fiscal and current account deficit to stabilize economy.