Tuesday, 25 August, 2020 I 5 Muharram, 1442 I Rs 15.00 I Vol XI No 56 I 12 Pages I Lahore Edition
EConomy on right traCk, imran says as CurrEnt aCCount risEs into surPlus g
After posting a deficit of $100m in June 2020, Pakistan’s current account records surplus of $424m in July 2020
ISLAMABAD STAFF REPORT
P
rIME Minister Imran Khan on Monday said the country’s current account balance had recorded a surplus of $424 million in July, signalling that the economy was “on the right track”. In a tweet, the prime minister noted that in July last year, the country had a current account deficit (CAD) of $613 million while last month the deficit stood at $100m. He attributed the “strong turnaround” in the current account balance to “record remittances” and “continuing recovery in exports, which rose [by] 20 per cent compared to June 2020”. According to data released by the State Bank of Pakistan (SBP) last week, the
Pakistan
CONFIRMED CASES:
293,261
LAST UPDATED AT 8:51 AM ON AUGUST 24, 2020 DAY'S DEATH TOLL: NEW CASES:
RECOVERED:
496
DEATHS:
276,829 6,244 SINDH:
128,284 KP:
35,766 AJK/GB:
PM attributes ‘strong turnaround’ in current account balance to ‘record remittances and continuous increase in export volume’
country received record-high remittances of $2.768 billion in the first month of the new fiscal year, following the record $23 billion received during the outgoing financial year. “This [$2.768bn] is the highest-ever level of remittances in a single month in Pakistan,” SBP had said. Minister for Planning and Development Asad Umar also lauded the current account surplus for July 2020 in a tweet, recalling that the Pakistan Tehreek-e-Insaf (PTI) government had “inherited” a deficit of $2 billion “as a legacy of PML-N [Pakistan Muslim League-Nawaz]” government, which was in power until 2018. “remember the current account deficits have led to massive external debt and compromises our independence and security,” he added. In a series of tweets, the central bank
Coronavirus in
9
g
PUNJAB:
96,233 BALOCHISTAN:
12,527
ISLAMABAD:
2,254/2,682 15,515
said, “Pakistan’s current account balance swung into a surplus of $424 mn in July 2020 after posting a deficit of $100 mn in June. This is the fourth monthly surplus since last October, and a significant improvement on the deficit of $613 mn in the same month last year.” The statistics revealed that the current account surplus stood at $424 million in July 2020 as compared with the current account deficit of $613 million in the same month of the last year. The current account surplus may be attributed to record inflows of workers’ remittances in July 2020. In the month under review the workers’ remittances rose to $2.77 billion. This is the highest ever level of remittances in a single month in Pakistan, according to the SBP. The SBP said in another tweet, “Strong turnaround is due to a continued recovery in exports and record-high remittances, with support from several policy and administrative initiatives by SBP and government. Exports sustained strong recovery, with m/m growth of further 19.7% in July on top of 25.5% in June.” The exports also exhibited 6.1 percent growth to $2 billion in July 2020 as compared with $1.88 billion in the same month of the last year. On the other hand the import bill of the country declined by 0.7 percent to $3.68 billion in July 2020 as compared with $3.71 in the same month of the last year. The trade deficit narrowed by 7.7 per cent to $1.68 billion in July 2020 as compared with the deficit of $1.83 billion in the same month of the last year.
PML-N presents white paper to discuss PTI’s ‘incompetence’ g
Shehbaz says inflation caused by govt’s policies has brought common man to the ‘brink of destruction’ ISLAMABAD STAFF REPORT
The leaders of the Pakistan Muslim League-Nawaz (PML-N) took turns to criticise Pakistan Tehreek-e-Insaaf’s (PTI) performance over the past two years, while presenting a white paper titled “Destruction of national power” in a press conference on Monday. The opposition party’s top leadership accused the government of ruining the economy of the country through its sheer incompetence and policies that favored the elite. They went on to claim that the people today desire the “old Pakistan”. PML-N President Shehbaz Sharif initiated the criticism after he lashed out at Prime Minister Imran Khan’s government saying that they did not care for the issues of the general public and did not know the basics of governance. “When we talk about the tabdeeli sarkar (regime of change), we do not find anything to ac-
Karachi mayor accuses Sindh govt of hindering progress before bidding farwell g
Waseem Akhtar claims Sindh government wants to 'loot the city' KARACHI STAFF REPORT
Karachi Mayor Waseem Akhtar, in the final press conference of his tenure on Monday, accused the Sindh government of hindering progress in the port city, saying the provincial government did not want any development there. Speaking at the head office of the Karachi Metropolitan Corporation (KMC), Akhtar said that during his tenure, he wrote thousands of letters to the provincial government, the prime minister and the president but not a single reply was recieved. “Who will take these? Not a single reply was given,” the visibly-emotional mayor said, as he tossed away the papers. “Karachi feeds you and your children. You have set up shop here after coming from different districts. This is Paris for you. I have seen the houses you have purchased in Defence and Clifton. Why are you inflicting torture on the people of the city? I have written thousands of letters. I am not joking, the Supreme
knowledge but sadness and pain in the past two years,” he said, adding that inflation caused due to the government’s policies had brought the common man “to the brink of destruction”. He compared this to the tenure of PML-N under Nawaz Sharif’s leadership that carried out “historic development” and completed projects quickly which resulted in the prosperity of the country. He said that the incumbent government had “ridiculed” the ChinaPakistan Economic Corridor (CPEC) and levelled allegations against the PML-N, but “not a penny’s worth of corruption could be proven and their plans backfired”.
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Wheat, sugar prices to come down soon: Hammad Azhar STORY ON PAGE 03
more inside
Imran underscores importance of resolving Kashmir dispute for regional peace STORY ON PAGE 02
Political resistance movement gaining strength in IOK: FM Qureshi Court (SC) should take notice, the prime minister should do something for this city.” “I am not being dramatic. I have spent the last four years stressed because of the Sindh government and the chief minister,” he added. “They do not want development, not just in Karachi but in all of Sindh. They just want to loot the city,” he said, further commenting that the provincial government had “destroyed” Larkana, Sehwan, Dadu, and Mirpurkhas. Akhtar asked what had they done during the past 12 years. “They are nowhere to destroy this
city. They are dividing it. Someone should question them,” he remarked. He also commented on the chief minister having a lesser mandate than him. “Half the population of Sindh, that is my mandate. My mandate is more than the chief minister and no one answers my letters?” he said. He also said that he was unable to fix his departments over the past four years due to a lack of funds. “If I do not have funds, what will I do? Bring them from home?” he remarked.
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STORY ON BACK PAGE
Afghan Taliban delegation arrives in Pakistan to discuss peace talks STORY ON PAGE 02
NA passes bills to fulfil FATF obligations STORY ON PAGE 03