Pakistan PM calls $729 million current account surplus in November encouraging for country

ISLAMABAD: Pakistan’s current account recorded a surplus of $729 million in November 2024, according to central bank data released on Tuesday, signaling progress in the country’s economic recovery and prompting Prime Minister Shehbaz Sharif to describe it as a positive development.
The State Bank of Pakistan (SBP) reported that November marked the fourth consecutive month of a current account surplus, as the government continues to grapple with the aftermath of years of economic instability.
Pakistan has faced high inflation, a widening fiscal deficit, foreign exchange shortages and currency depreciation in recent years. However, there is a growing acknowledgment the country’s macroeconomic indicators are gradually improving, reflected in a significant surge in the stock market in recent weeks.
“The current account surplus of $729 million in November 2024, for the first time in ten years, is extremely encouraging for the national economy,” Sharif said in a statement issued by his office.
“The reduction in the State Bank of Pakistan’s policy rate, gradual decline in inflation and the increase in the current account surplus are clear evidence of the government’s successful economic policies,” he added.
The prime minister said the surplus would strengthen Pakistan’s position in global economic markets and enhance confidence among both domestic and international investors.
“The record increase in the current account surplus will stabilize Pakistan’s position in the international economic market and boost investor confidence,” he noted.
He also lauded Finance Minister Muhammad Aurangzeb along with the rest of the government’s economic team for their efforts in achieving the milestone.
The SBP’s latest figures and recent policy measures signal optimism, though the government itself acknowledges that sustained economic reforms and investment inflows remain critical for long-term stability.