Daily Times

According to SBP report, the current account deficit contracted to a six-year low, foreign exchange reserves increased, the primary budget recorded a surplus. According to a report, the stabilization efforts and regulatory measures yielded notable improvements during the first half of the fiscal year 2020, however, noted that the global and domestic spread of Covid-19 has brought an exceptional set of challenges for the country. The current account deficit contracted to a six-year low, foreign exchange reserves increased, the primary budget recorded a surplus, and core inflation eased, according to a report.

Progress under the IMF program remained on track and the credit rating agencies maintained their stable outlook for Pakistan during the review period, it said adding that further improvements would require deep structural reforms to put the economy on a firm path towards sustainable growth. In case of balance of payments, the report noted that the improvement in current account mostly stemmed from a reduction in the import bill with some contribution from export earnings.