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Pak`s current account surplus hits high of US$4.4 billion
Karachi, May 08: Pakistan`s current account surplus hit a record high of US$4.375 billion in the first nine months of the current fiscal year, almost doubling from US$2.227 billion in the same period a year ago, the central bank said today.
Karachi, May 08: Pakistan's current account surplus hit a record high of US$4.375 billion in the first nine months of the current fiscal year, almost doubling from US$2.227 billion in the same period a year ago, the central bank said today.
Foreign aid and increased banking activity between July 2002 and March 2003 boosted the surplus - which calculates the difference between a country's income from, and payments to, overseas sources. The surplus also shows how the US-led war on terror has boosted official measures of Pakistan's economy, as international efforts to choke off terrorist funding force more Pakistanis to use formal banking channels, analysts say. Remittances from overseas workers in the nine months climbed to US$3.231 billion, from US$1.630 billion a year ago, the central bank data said.
Pakistan has benefited from a sharp increase in US aid since the Sept. 11 terrorist attacks. Bilateral aid pushed official transfers up to US$1.813 billion in the first nine months of the fiscal year, from US$1.213 billion in the previous year. Pakistan's trade deficit stood at US$610 million in the first nine months of the current fiscal year, widening from US$206 million previously. The services deficit fell to US$1.043 billion from US$1.788 billion a year ago, according to the central bank. Pakistan posted a current account surplus of US$2.744 billion in the fiscal year that ended June 30, 2002, up from US$326 million the previous year.
Bureau Report
Foreign aid and increased banking activity between July 2002 and March 2003 boosted the surplus - which calculates the difference between a country's income from, and payments to, overseas sources. The surplus also shows how the US-led war on terror has boosted official measures of Pakistan's economy, as international efforts to choke off terrorist funding force more Pakistanis to use formal banking channels, analysts say. Remittances from overseas workers in the nine months climbed to US$3.231 billion, from US$1.630 billion a year ago, the central bank data said.
Pakistan has benefited from a sharp increase in US aid since the Sept. 11 terrorist attacks. Bilateral aid pushed official transfers up to US$1.813 billion in the first nine months of the fiscal year, from US$1.213 billion in the previous year. Pakistan's trade deficit stood at US$610 million in the first nine months of the current fiscal year, widening from US$206 million previously. The services deficit fell to US$1.043 billion from US$1.788 billion a year ago, according to the central bank. Pakistan posted a current account surplus of US$2.744 billion in the fiscal year that ended June 30, 2002, up from US$326 million the previous year.
Bureau Report