ISLAMABAD (Eshfak Mughal):- The Current Account Deficit has been surged to $15.2 billion during the first eleven months of the current account deficit which was $1.2 billion during the same period of the last fiscal year.

According to the State Bank of Pakistan, the CAD was widened to $1.42 billion during the month of May 2022 as compared to $618 million in April 2022.

The increase in the CAD during May was mainly due to decrease in inflows of overseas workers remittances and increase of import bill.

The combined exports were increased to $35.64 billion including $29,3 billion of goods and $6.3 billion of services during the 11 months of the current fiscal year The combine imports were surged to $75.7 billion including $65.46 billion of goods and $10.28 billion of services.

The total trade deficit of goods, services and primary income were increased to $44 billion during the 11 months of the current fiscal year as compared to $31 billion during the same period of the last fiscal year.

The country also received overseas worker remittances worth of $28.4 billion during the 11 months of the current fiscal year as compared to $26.7 billion during the same period of the last fiscal year.

The foreign direct investment was decreased from $1.68 billion to $1.6 billion during the eleven months of the current fiscal year.

On the other hand, Pakistan has secured $13.53 Billion Foreign Loans in 11 Months of FY22 to bridge the current account deficit which is increasing due to high import bill.

According to the Economic Affairs Division, the government borrowed external debt of $13.539 billion from multiple financing sources in the (July-May 2021-22) as against the total projected external loans of $14.088 billion for the entire fiscal year.

The country borrowed $505.65 million from multiple financing sources during May 2022. However, no amount was obtained from foreign commercial banks during the period.

The Finance Ministry has estimated $14.088 billion foreign loan for the current financial year, including $13.871 billion in loans and $217.44 million in grants from multilateral and bilateral sources.

Leave a Reply

Your email address will not be published.