With the support of the Special Investment Facilitation Council (SIFC) and various government initiatives, Pakistan’s current account balance has shown remarkable improvement.
Government measures facilitated by the SIFC are steering the national economy toward recovery. Increasing IT exports, rising foreign direct investment, and remittances from overseas Pakistanis are contributing significantly to the enhancement of the current account balance.
According to data released by the State Bank of Pakistan, the current account balance turned positive in August 2024, after remaining negative for three months, with an increase of $75 million. IT exports saw a 27% rise, reaching $298 million, which has boosted the IT sector’s share of total exports to 48%.
Moreover, foreign investment has also witnessed a promising 64% increase, amounting to $350 million at the beginning of this fiscal year, compared to $225 million during the same period last year.
Additionally, remittances from overseas Pakistanis surged to $2.94 billion in August 2024, up from $2.09 billion in August 2023. The substantial increase in the current account balance, facilitated by the SIFC, is a clear testament to the effectiveness of government initiatives aimed at strengthening and stabilizing the national economy.
