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.
Pakistan PM calls $729 million current account surplus in November encouraging for country
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Pakistan PM calls $729 million current account surplus in November encouraging for country
- According to SBP data, November marked the fourth consecutive month of a current account surplus
- Shehbaz Sharif says the surplus will stabilize Pakistan’s economic position, boost investor confidence
Islamabad says surge in aircraft orders after India standoff could end IMF reliance
- Pakistani jets came into the limelight after Islamabad claimed to have shot down six Indian aircraft during a standoff in May last year
- Many countries have since stepped up engagement with Pakistan, while others have proposed learning from PAF’s multi-domain capabilities
ISLAMABAD: Defense Minister Khawaja Asif on Tuesday said Pakistan has witnessed a surge in aircraft orders after a four-day military standoff with India last year and, if materialized, they could end the country’s reliance on the International Monetary Fund (IMF).
The statement came hours after a high-level Bangladeshi defense delegation met Pakistan’s Air Chief Marshal Zaheer Ahmed Baber Sidhu to discuss a potential sale of JF-17 Thunder aircraft, a multi-role fighter jointly developed by China and Pakistan that has become the backbone of the Pakistan Air Force (PAF) over the past decade.
Fighter jets used by Pakistan came into the limelight after Islamabad claimed to have shot down six Indian aircraft, including French-made Rafale jets, during the military conflict with India in May last year. India acknowledged losses in the aerial combat but did not specify a number.
Many countries have since stepped up defense engagement with Pakistan, while delegations from multiple other nations have proposed learning from Pakistan Air Force’s multi-domain air warfare capabilities that successfully advanced Chinese military technology performs against Western hardware.
“Right now, the number of orders we are receiving after reaching this point is significant because our aircraft have been tested,” Defense Minister Asif told a Pakistan’s Geo News channel.
“We are receiving those orders, and it is possible that after six months we may not even need the IMF.”
Pakistan markets the Chinese co-developed JF-17 as a lower-cost multi-role fighter and has positioned itself as a supplier able to offer aircraft, training and maintenance outside Western supply chains.
“I am saying this to you with full confidence,” Asif continued. “If, after six months, all these orders materialize, we will not need the IMF.”
Pakistan has repeatedly turned to the IMF for financial assistance to stabilize its economy. These loans come with strict conditions including fiscal reforms, subsidy cuts and measures to increase revenue that Pakistan must implement to secure disbursements.
In Sept. 2024, the IMF approved a $7 billion bailout for Pakistan under its Extended Fund Facility (EFF) program and a separate $1.4 billion loan under its climate resilience fund in May 2025, aimed at strengthening the country’s economic and climate resilience.
Pakistan has long been striving to expand defense exports by leveraging its decades of counter-insurgency experience and a domestic industry that produces aircraft, armored vehicles, munitions and other equipment.
The South Asian country reached a deal worth over $4 billion to sell military equipment to the Libyan National Army, Reuters report last month, citing Pakistani officials. The deal, one of Pakistan’s largest-ever weapons sales, included the sale of 16 JF-17 fighter jets and 12 Super Mushak trainer aircraft for basic pilot training.
