Current Account Surplus
Pakistan achieved a remarkable milestone in November 2024 by recording a $729 million current account surplus, the highest in a decade. Prime Minister Shehbaz Sharif lauded this achievement, attributing it to the government’s consistent economic policies aimed at stabilizing the economy.
Surplus Achieved for Three Consecutive Months
The State Bank of Pakistan (SBP) reported surpluses for three straight months, signaling a positive trend in the country’s economic performance:
- September 2024: $86 million surplus.
- October 2024: $349 million surplus.
- November 2024: $729 million surplus (highest since 2015).
This streak underscores the effectiveness of restrictive import measures and other fiscal strategies.
Key Economic Indicators
| Metric | Value |
|---|---|
| November 2024 Surplus | $729 million |
| October 2024 Surplus | $349 million |
| Cumulative Surplus (FY24) | $944 million (5 months) |
| Deficit Same Period Last Year | $1.68 billion |
Driving Factors Behind the Surplus
Prime Minister Shehbaz Sharif credited the surplus to strategic economic policies, including:
- Lower Policy Rate: The State Bank’s reduction in the policy rate, fostering economic activity.
- Declining Inflation: A gradual decrease in inflation rates, easing pressures on businesses and households.
- Import Restrictions: Measures to limit non-essential imports, boosting local production and saving foreign exchange.
The prime minister emphasized that these policies are improving Pakistan’s economic credibility on the global stage and increasing investor confidence both domestically and internationally.
Recognition for Economic Leadership
PM Shehbaz Sharif commended his economic team for their efforts:
- Finance Minister Muhammad Aurangzeb.
- Minister of State for Finance Ali Pervaiz Malik.
- The broader financial leadership for their dedication to economic stability.
He noted that consistent achievements like this will pave the way for long-term fiscal resilience in Pakistan.
Conclusion
The $729 million current account surplus in November 2024 is a significant milestone, marking Pakistan’s highest surplus in a decade. This achievement highlights the success of the government’s strategic economic measures, including import controls, declining inflation, and monetary policy adjustments.
With this surplus strengthening Pakistan’s international economic standing and boosting investor confidence, the country is well-positioned for sustained financial growth and stability in the years ahead.
