Pakistan Posts First Current Account Surplus in Over 2 Years

Due to a continued prohibition on non-essential imports while the government waits for the IMF to reactivate a $6.5 billion bailout programme, Pakistan declared a current account surplus for the first time in nearly two and a half years.

According to information from the State Bank of Pakistan, the current account, which is the broadest measure of commerce, was in excess by $654 million in March. Comparatively, the prior month’s reading of the shortfall was $36 million.

The country last saw a current account surplus in November 2020, when pandemic restrictions were in place.

The $350 billion economy is slowing down quickly and is unlikely to get any comfort from the most recent data as the Washington-based lender considers whether to restart the loan programme.

For the fiscal year that ends in June, the IMF wants Pakistan to receive financial support.