The country’s current account balance has increased significantly with the support of SIFC and government initiatives.
With the support of the Special Investment Facility Council, the country’s economy is moving towards improvement through government initiatives. Growing IT exports, foreign direct investment and remittances received by overseas Pakistanis are contributing to a significant increase in Pakistan’s current account balance.
According to the data released by the State Bank of Pakistan, in August 2024, the current account balance of Pakistan has become positive with an increase of 75 million dollars after being negative for 3 months. IT exports increased by 27% to reach $298 million, making the IT sector’s share of total exports 48%.
Similarly, receiving 350 million dollars with an increase of 64% in the beginning of the current financial year in terms of foreign investment is good for the country’s economy, which was 225 million dollars in the same period of the previous financial year.
Meanwhile, remittances sent by overseas Pakistanis have increased from $2.09 billion in August 2023 to $2.94 billion in August 2024. The substantial increase in the current account balance with the support of SIFC is a proof of the government’s initiatives to strengthen and stabilize the country’s economy.
