In a remarkable turn of events, Pakistan has transitioned from facing potential default to achieving a record-breaking surplus in its current account, showcasing the nation's resilience and commitment to economic stability.
*Current Account Surplus in December 2023:*
In December 2023, Pakistan achieved an impressive current account surplus of $397 million. This surplus contributed to the overall surplus of $198 million in the second quarter of Financial Year 2024. This substantial increase in surplus is a testament to the effective economic strategies implemented by the government.
*Contrast with Previous Years:*
The December 2023 surplus is particularly noteworthy when compared to the deficit of $365 million recorded in December 2022. This significant improvement has led to a remarkable 77% reduction in the Current Account Deficit (CAD), which now stands at $2.8 billion.
*Progress Since Caretaker Government's Term:*
Highlighting the commitment to economic recovery, Minister of Commerce, Dr. Gohar Ejaz, noted that when the caretaker government assumed charge in July 2023, the deficit was $810 million. Through a combination of higher exports and lower imports, the economic landscape has shifted positively, addressing challenges head-on.
*Vision for $100 Billion Trade:*
Under Minister Dr. Gohar Ejaz's leadership, a bold vision has been set to elevate Pakistan's trade to $100 billion. This initiative involves exploring new markets for exports. The Minister's proactive approach involved taking all stakeholders on board through the Industrial Advisory Council and Export Advisory Council, fostering collaboration to enhance production and trade.
*Turning the Tide:*
Minister Dr. Gohar Ejaz stated, "We are witnessing a pivotal moment in our economic journey. The higher exports and lower imports are turning the tide, allowing us to overcome challenges and move towards sustained growth."
*Building on Momentum:*
The Ministry of Commerce urges all stakeholders to build on this momentum, emphasizing the need for collective efforts to sustain and enhance this positive trajectory. Minister Dr. Gohar Ejaz expressed optimism, stating, "Let's build on this momentum, onward and upward! Together, we can continue to strengthen Pakistan's economic foundation."
