Pakistan's economy shows signs of improvement as the country's current account balance turned positive in August 2024, ending a three-month negative streak. According to data released by the State Bank of Pakistan, the current account balance registered a surplus of $75 million in August.
This economic turnaround is attributed to several factors, including a significant increase in IT exports, foreign direct investment (FDI), and remittances from overseas Pakistanis. The government's initiatives, supported by the Special Investment Facilitation Council (SIFC), have played a crucial role in this positive shift.
IT exports witnessed a 27% growth, reaching $298 million and now accounting for 48% of total exports. Foreign direct investment saw a 64% increase at the start of the current fiscal year, amounting to $350 million compared to $225 million in the same period last year.
Remittances from overseas Pakistanis also contributed significantly, rising from $2.09 billion in August 2023 to $2.94 billion in August 2024.
These developments reflect the effectiveness of government measures aimed at strengthening and stabilizing the national economy with SIFC's support. The positive trend in the current account balance is seen as a tangible outcome of these concerted efforts.
