Pakistan’s current account recorded a deficit of $1.85 billion in fiscal year 2020-21 owing to a jump in imports on account of rise in crude oil prices and vaccine arrivals. The deficit came despite the fact that the current account remained in surplus in the first 11 months (July 2020 to May 2021) of the previous fiscal year. According to data of the State Bank of Pakistan (SBP) compiled in a report by The Express Tribune, the current account deficit – gap between foreign payments and income – had stood at $4.45 billion in fiscal year 2019-20. In addition, the primary income of the country fell 14% during the previous fiscal year, which widened the deficit. According to the SBP, the current account deficit widened to $1.6 billion in June 2021 compared to $650 million in May 2021.

Source: Pakistan Today July 20, 2021 11:32 UTC