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
https://arab.news/bfxrz
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
Portugal arrests dozens over hate crimes targeting Pakistanis among Muslim immigrants
- Portugal’s foreign-born population has boosted to around 15 percent of the total in recent years
- At the same time, the far right has been gaining in popularity with anti-immigrant messaging
LISBON: Portuguese police said on Tuesday they had detained dozens of suspected members of a group that spread neo-Nazi propaganda and committed hate crimes against immigrants.
The 37 suspects had “extensive criminal records and links to international groups that promote hate,” the judicial police said in a statement, adding that 15 people had been formally charged.
The victims were mostly immigrants from Muslim-majority countries in South Asia, according to local media.
The arrival of workers from Bangladesh, India and Pakistan, has boosted Portugal’s foreign-born population in recent years to around 15 percent of the total.
At the same time, the far right has been gaining in popularity with anti-immigrant messaging.
The authorities said the suspects founded a hierarchical criminal organization to promote racial hatred and violence.
Those arrested are due in court on Wednesday, suspected of spreading “neo-Nazi ideas... to intimidate and persecute ethnic minorities, particularly immigrants.”
