PM terms massive reduction in current account deficit 'a great achievement'

ISLAMABAD: Prime Minister Imran Khan on Wednesday took to Twitter to term a 73 per cent reduction in the current account deficit in the first month of this fiscal year “a great achievement.”

The prime minister said: “The govt’s consistent focus on reducing our external imbalances by reducing imports & increasing exports & remittances are bearing fruit.”

“Current account deficit reduced by more than $6 bn last yr & July this yr deficit is 73% or $1.5 bn lower than July 2018 – a great achievement.”

The govt’s consistent focus on reducing our external imbalances by reducing imports & increasing exports & remittances are bearing fruit. Current account deficit reduced by more than $6 bn last yr & July this yr deficit is 73% or $1.5 bn lower than July 2018 – a great achievement

— Imran Khan (@ImranKhanPTI) August 21, 2019

Earlier, on Aug 20, the State Bank of Pakistan had said the current account deficit (CAD) shrank by a massive 73 per cent in the first month of this fiscal year.

The trade loss shrank by 72.81pc to $579 million in July as compared to $2.13 billion in same period of last fiscal year.