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The government of Pakistan has succeeded in decreasing the current account deficit by 29% in the third quarter of the financial year 2018-19 because of policies improvised by the finance minister of Pakistan.
State Bank of Pakistan updated its data, current account deficit is down by $4 billion in this financial year. Massive decrease of $9.5 billion in the period of months from July-march this year against $13 billion last year.
The decrease in the current account deficit is 22 percent less in the entire eight months, now it is decreased more around 29 percent in total of the nine months in the current financial year.
The dip in the current account deficit due to government initiative taken in the finance ministry, the imports of luxurious items were reduced, the burden on foreign reserves has automatically reduced when the government took steps to slow-down luxury products.
The government ambitious goals to reduce the current account deficit by $6 billion till next June.
Furthermore, the positive indications from foreign remittances also grew by 9 percent in the nine months of FY19 which played a role of improvement in bringing the economy to stabilized mode.
Finance Minister Asad Umar, steps were taken in order to reduce the overall burden of the country's economic crises, which started to show the positive indications in previous and current Fiscal year.
Various reforms were introduced by Asad Umar which will lead to the revival of the economy in the long-term.
The government of Pakistan has succeeded in decreasing the current account deficit by 29% in the third quarter of the financial year 2018-19 because of policies improvised by the finance minister of Pakistan.
State Bank of Pakistan updated its data, current account deficit is down by $4 billion in this financial year. Massive decrease of $9.5 billion in the period of months from July-march this year against $13 billion last year.
The decrease in the current account deficit is 22 percent less in the entire eight months, now it is decreased more around 29 percent in total of the nine months in the current financial year.
The dip in the current account deficit due to government initiative taken in the finance ministry, the imports of luxurious items were reduced, the burden on foreign reserves has automatically reduced when the government took steps to slow-down luxury products.
The government ambitious goals to reduce the current account deficit by $6 billion till next June.
Furthermore, the positive indications from foreign remittances also grew by 9 percent in the nine months of FY19 which played a role of improvement in bringing the economy to stabilized mode.
Finance Minister Asad Umar, steps were taken in order to reduce the overall burden of the country's economic crises, which started to show the positive indications in previous and current Fiscal year.
Various reforms were introduced by Asad Umar which will lead to the revival of the economy in the long-term.
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