ISLAMABAD: Pakistan’s external current account recorded a surplus of $349 million in October 2024, marking the third consecutive month of surplus and the highest in this period, according to the State Bank of Pakistan (SBP) on Monday.
The current account reflects a nation’s transactions with the rest of the world, encompassing net trade in goods and services, net earnings on cross-border investments and net transfer payments.
A surplus indicates that a country is exporting more than it is importing, thereby strengthening its foreign exchange reserves.
Last month’s current account surplus contrasts sharply with the $290 million deficit recorded in October 2023, highlighting a significant improvement in the country’s economy.
“The external current account recorded a surplus of $349 million in October 2024, after showing a surplus of $86 million and $29 million in September 2024 and August 2024 respectively,” the central bank said in a brief statement.
Pakistan has faced economic challenges in recent years, including high inflation, a depreciating currency, and dwindling foreign reserves.
In response, the government has implemented a series of reforms aimed at stabilizing the economy, including securing a $7 billion bailout from the International Monetary Fund (IMF) in September, which is contingent upon measures such as broadening the tax base, reducing energy sector deficits and privatizing state-owned enterprises.
The consecutive current account surpluses, culminating in the substantial $349 million in October, suggest that Pakistan is transitioning from mere stabilization to a phase of economic growth.
This positive trend is bolstered by increased remittances from overseas Pakistanis, which reached a record $11.8 billion in the first four months of the fiscal year, marking a 35 percent year-on-year growth.
Pakistani authorities have emphasized the importance of continuing prudent fiscal and monetary policies to consolidate these gains and ensure long-term economic stability.
The country’s finance chief, Muhammad Aurangzeb, said a day earlier the international lending agencies had acknowledged the improvement in the national economy, though he added that they wanted the government to continue with stringent structural reforms.
“There is no room for complacency,” he added.
Pakistan’s current account surplus hits $349 million in October, signaling economic turnaround
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Pakistan’s current account surplus hits $349 million in October, signaling economic turnaround
- Last year, Pakistan posted a current account deficit of $290 million during the same month, as per official records
- This is the third consecutive month in which Pakistan has recorded a surplus, also the highest during this year
Pakistan to send over 10,000 workers to Italy over three years after securing employment quota
- Government says Italy will admit 3,500 workers annually under seasonal and non-seasonal labor schemes
- It calls the deal a 'milestone' as Italy becomes the first European country to allocate job quota for Pakistan
ISLAMABAD: Pakistan has secured a quota of 10,500 jobs from Italy over the next three years, an official statement said on Saturday, opening legal employment pathways for Pakistani workers in Europe under Italy’s seasonal and non-seasonal labor programs.
Under the arrangement, 3,500 Pakistani workers will be employed in Italy each year, including 1,500 seasonal workers hired for time-bound roles, and 2,000 non-seasonal workers for longer-term employment across sectors.
The Ministry of Overseas Pakistanis and Human Resource Development said Italy is the first European country to allocate a dedicated labor quota to Pakistan, describing the move as a milestone in Pakistan’s efforts to expand overseas employment opportunities beyond traditional labor markets in the Middle East.
“After prolonged efforts, doors to employment for the Pakistani workforce in Italy are about to open,” Federal Minister for Overseas Pakistanis Chaudhry Salik Hussain said, calling the quota allocation a “historic milestone.”
The jobs will be available across multiple sectors, including shipbreaking, hospitality, healthcare and agriculture, with opportunities for skilled and semi-skilled workers in professions such as welding, technical trades, food services, housekeeping, nursing, medical technology and farming.
The agreement comes as Pakistan seeks to diversify overseas employment destinations for its workforce and increase remittance inflows, which remain a key source of foreign exchange for the country’s economy.
The ministry said a second meeting of the Pakistan-Italy Joint Working Group on labor cooperation is scheduled to be held in Islamabad in February 2026, where implementation and future cooperation are expected to be discussed.
