ISLAMABAD: Pakistan’s external current account recorded a surplus of $349 million in October 2024, marking the third consecutive month of surplus and the highest in this period, according to the State Bank of Pakistan (SBP) on Monday.
The current account reflects a nation’s transactions with the rest of the world, encompassing net trade in goods and services, net earnings on cross-border investments and net transfer payments.
A surplus indicates that a country is exporting more than it is importing, thereby strengthening its foreign exchange reserves.
Last month’s current account surplus contrasts sharply with the $290 million deficit recorded in October 2023, highlighting a significant improvement in the country’s economy.
“The external current account recorded a surplus of $349 million in October 2024, after showing a surplus of $86 million and $29 million in September 2024 and August 2024 respectively,” the central bank said in a brief statement.
Pakistan has faced economic challenges in recent years, including high inflation, a depreciating currency, and dwindling foreign reserves.
In response, the government has implemented a series of reforms aimed at stabilizing the economy, including securing a $7 billion bailout from the International Monetary Fund (IMF) in September, which is contingent upon measures such as broadening the tax base, reducing energy sector deficits and privatizing state-owned enterprises.
The consecutive current account surpluses, culminating in the substantial $349 million in October, suggest that Pakistan is transitioning from mere stabilization to a phase of economic growth.
This positive trend is bolstered by increased remittances from overseas Pakistanis, which reached a record $11.8 billion in the first four months of the fiscal year, marking a 35 percent year-on-year growth.
Pakistani authorities have emphasized the importance of continuing prudent fiscal and monetary policies to consolidate these gains and ensure long-term economic stability.
The country’s finance chief, Muhammad Aurangzeb, said a day earlier the international lending agencies had acknowledged the improvement in the national economy, though he added that they wanted the government to continue with stringent structural reforms.
“There is no room for complacency,” he added.
Pakistan’s current account surplus hits $349 million in October, signaling economic turnaround
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Pakistan’s current account surplus hits $349 million in October, signaling economic turnaround
- Last year, Pakistan posted a current account deficit of $290 million during the same month, as per official records
- This is the third consecutive month in which Pakistan has recorded a surplus, also the highest during this year
Pakistan finmin to discuss global finance challenges at international conference in Spain this week
- Fourth International Conference on Financing for Development will be held in Seville, Spain, from July 1-3
- Muhammad Aurangzeb to meet global policymakers, speak on debt transformation and financial cooperation
KARACHI: Pakistan’s Finance Minister Muhammad Aurangzeb will discuss global finance challenges and meet policymakers from other countries at the Fourth International Conference on Financing for Development (FFD4) being held in Spain this week, the finance ministry said on Monday.
The conference, which is being held from July 1 to 3 in Seville, will bring together leaders, policymakers and international development experts to explore innovative and sustainable financing strategies to accelerate progress toward Sustainable Development Goals (SDGs), particularly for developing and emerging economies, the finance ministry said.
Aurangzeb is scheduled to take part in several key conferences and high-level side events, where he will present Pakistan’s take on the prevalent global finance issues and greater cooperation among nations.
“The Finance Minister’s participation at FFD4 underscores Pakistan’s commitment to promoting innovative financing solutions, strengthening international cooperation, and enhancing the country’s voice in global development discourse,” the finance ministry said.
Sharing details of the finance minister’s engagements at the conference, the ministry said he will co-chair the multi-stakeholder roundtable on ‘Leveraging Private Business and Finance’ on July 1 and deliver a keynote address at the International Business Forum Policy Dialogue on ‘Accelerating EMDEs Investment: The Role of Credit Ratings.’
The minister is also scheduled to address the General Debate of the conference and participate in the roundtable discussion on ‘Revitalizing International Development Cooperation,’ the ministry said.
It added that as part of a UNICEF-hosted side event, Aurangzeb will speak on ‘Driving Capital Towards Children and Young People: A Dialogue on Innovative and Sustainable Financing for Children.’
It said the finance minister will also attend and speak as the chief guest at a special session titled ‘Swapping Out Debt for Development: The DCS Financing Approach,’ where he will highlight Pakistan’s perspectives on debt transformation and the potential of deposit protection mechanisms to support development finance.
He will also participate as a panelist at the International Business Forum’s side event on ‘Scaling Up SME Finance,’ focusing on enhanced financial inclusion for small and medium-sized enterprises, the ministry added.
“In addition to his conference engagements, the Finance Minister will hold bilateral meetings with key international figures, including Mr. John W.H. Denton AO, Secretary-General of the International Chamber of Commerce, and H.E. Mr. Steven Collet, Vice Minister for Development of the Kingdom of the Netherlands,” the finance ministry said.
Pakistan has been navigating a tricky path to recovery from a prolonged macroeconomic crisis that has weakened its foreign exchange reserves, drained its resources and triggered a balance of payments crisis.
The government says it is committed to the reforms course, which includes privatizing state-owned enterprises incurring losses, widening the tax base and improving its energy sector.
Pakistan says two ‘dangerous’ fugitives wanted in several cases arrested in Spain
- Nawazish Ali Hanjra is wanted in 23 cases on charges ranging from “terrorism” to murder and kidnapping for ransom
- Pakistan says has demanded the arrest and extradition of 38 fugitives from Spain via Interpol’s Red Notices for years
ISLAMABAD: Spanish authorities have arrested two “dangerous” fugitives wanted in several cases such as murder, “terrorism” and kidnapping for ransom, Pakistan’s state-run media reported recently, with Islamabad hoping other absconders in the European country would also be apprehended and extradited soon.
As per details shared by the state-run Associated Press of Pakistan (APP), Nawazish Ali Hanjra is wanted in 23 cases including “terrorism,” murder and kidnapping for ransom while Haroon Iqbal, the other suspect, is wanted in a separate case. These two were arrested in Spain on Interpol’s Red Notices, APP said.
Pakistan’s Minister of State for Interior Tallal Chaudry, during his recent visit to Spain, met Spanish Interior Minister Fernando Grande-Marlaska to demand the arrest and extradition of the two suspects, APP said. The Spanish interior minister acted swiftly and issued directives to authorities in this regard.
“This is a major step forward in our commitment to justice,” Chaudry was quoted as saying by APP on Sunday. “I am grateful to the Spanish authorities for understanding the gravity of the situation and taking swift action. We hope to see the remaining fugitives arrested and extradited soon.”
APP said Islamabad has demanded the arrest and extradition of 38 fugitives from Spain via Interpol’s Red Notices for years. It said these individuals managed to evade justice for years, exploiting legal loopholes and the lack of coordination between international enforcement agencies.
The state-run media said legal proceedings are underway to facilitate Hanjra’s and Iqbal’s extradition to Pakistan, where they will face trial under the country’s anti-terror and criminal laws.
“The development is being hailed as a milestone in international law enforcement cooperation and a sign that Pakistan is intensifying efforts to bring back criminals who have found refuge abroad,” APP said.
At least 45 killed, 68 injured since June 26 as monsoon rains batter Pakistan
- Khyber Pakhtunkhwa reports highest casualties, 21, followed by Punjab with 13, Sindh with seven and Balochistan with four deaths
- Pakistan has forecast widespread rain with wind and thundershowers across various regions of the country from June 29 to July 5
ISLAMABAD: At least 45 people have been killed and 68 injured across Pakistan in rain-related incidents since June 26, the National Disaster Management Authority (NDMA) said in its latest report as heavy monsoon rains continued to batter the country.
Heavy rains have lashed Pakistan’s Khyber Pakhtunkhwa (KP), Punjab and Sindh provinces since June 26, raising water levels in rivers to alarming levels and triggering floods in various cities across the country.
The latest casualties took place as the NDMA issued multiple impact-based weather alerts on Sunday, forecasting widespread rain with wind and thundershowers, accompanied by isolated heavy falls across various regions of Pakistan from June 29 to July 5.
“NDMA urges all provincial and district administrations to remain on high alert, activate contingency plans, and ensure timely dissemination of warnings in local languages,” the authority said on Sunday. “Citizens, especially those in high-risk areas, are advised to stay updated through official adviseries, avoid unnecessary travel near glacial streams, riverbanks, and flooded roads, and keep emergency kits ready.”
As per the latest NDMA situation report, 45 people have been killed and 68 injured from June 26-29 in Pakistan’s KP, Punjab, Sindh and Balochistan provinces. The casualties include 23 children, 12 men and 10 women.
KP reported the highest number of casualties from rain-related incidents, 21, followed by Punjab with 13, Sindh with seven and Balochistan with four deaths. Punjab reported the highest number of injuries at 39 followed by Sindh with 16 while KP reported 11 and Balochistan two.
The report said flash floods claimed the highest number of casualties, followed by electrocution, drowning, lightning and other factors. Flash flooding in KP’s Swat River last week claimed the lives of 12 tourists while Rescue 1122 emergency service said it was searching for one missing boy on Sunday.
Pakistan, home to over 240 million people, is considered one of the world’s most vulnerable countries to the effects of climate change and faces extreme weather events with increasing frequency.
These extreme and irregular weather patterns include droughts, heatwaves and torrential rains which experts have attributed to climate change. Unusually heavy rains and the melting of glaciers in June 2022 triggered cataclysmic floods that killed over 1,700 people across Pakistan, washed away swathes of crops and damaged critical infrastructure. Pakistan estimated the damages to be worth over $33 billion.
Pakistani mangoes draw crowds at China-Eurasia Expo as exporters set 125,000-ton target
- Pakistan is home to over 100 mango varieties like Sindhri, Chaunsa and Anwar Ratol
- The fruit’s popularity at Chinese exhibition highlights Pakistan’s potential for growth
ISLAMABAD: Pakistan has set a pavilion at the China-Eurasia Expo in Urumqi where mango varieties native to the South Asian country have been drawing crowds, the Pakistani embassy said on Sunday, as mango exporters eye 125,000 tons exports this season.
The 2025 China-Eurasia Commodity and Trade Expo, running from June 26 till June 30 in Xinjiang’s Urumqi, has brought together more than 2,800 enterprises and delegates from 50 countries and regions to deepen cooperation across Eurasia, according to the organizers.
Pakistan’s Ambassador to China Khalil Hashmi, along with Zhu Lifan, vice chairman of the Xinjiang government, inaugurated the Pakistan Pavilion, displaying a rich array of products, including fruit, jewelry, leather garments, luxury bags and contemporary clothing.
“The pavilion’s showcase of premium Pakistani mangoes drew hundreds of visitors, making it one of the most popular exhibits,” the embassy said in a statement on Sunday. “The fruit’s popularity highlighted Pakistan’s agricultural excellence and potential for growth.”
Pakistan is home to over 100 varieties of mangoes, including Sindhri, Chaunsa and Anwar Ratol.
The South Asian country aims to export 125,000 tons of mangoes this season, a 25,000-ton increase over last year’s export volume, according to the Pakistan Fruit and Vegetable Exporters Association (PFVA). If achieved, the target could generate an estimated $100 million in foreign exchange earnings.
At the inauguration, Ambassador Hashmi briefed Vice Chairman Zhu about Pakistan’s enhanced focus on increasing trade and investment relations with China, including Xinjiang.
“He [Ambassador Hashmi] gave the Vice Chairman a tour of the Pavilion, elaborating the high-quality of Pakistani products. The Chinese VIP also praised the taste of Pakistani mangoes,” the Pakistani embassy said.
China is a longtime friend and strategic partner of Islamabad, with Beijing making significant investments in infrastructure and energy projects in Pakistan.
The total bilateral trade in goods between China and Pakistan reached $23.1 billion in 2024, an increase of 11.1 percent from the previous year, according to China Customs and the Pakistani embassy. China’s exports to Pakistan surged 17 percent year-on-year to $20.2 billion, while imports fell by 18.2 percent to $2.8 billion.
Islamabad, which is on path to economic recovery under a $7 billion International Monetary Fund (IMF) program, is currently making efforts to expand trade with China, Central Asian and Gulf nations to boost the $350 billion South Asian economy.
Pakistan okays 50 percent increase in fixed gas charges for domestic consumers
- Gas prices increased for general industries, power stations and independent power producers to shift partial burden
- The move aligns with structural benchmarks agreed with the IMF, including rationalization of captive power tariffs
ISLAMABAD: The Pakistani government has revised gas prices for the fiscal year 2025-26 and okayed a 50 percent increase in fixed charges for domestic consumers, effective from July 1, the Oil and Gas Regulatory Authority (OGRA) announced on Sunday.
The development comes days after the federal cabinet’s Economic Coordination Committee (ECC) approved the hike in fixed gas charges for domestic users and to shift the partial burden to bulk consumers, like the power sector and industry.
“Protected category to pay a fixed charge of Rs600 and meter rent of Rs40,” an OGRA notification said on Sunday. “Non-protected category to pay a fixed charge of Rs1,500, up to 1.5hm³ (cubic hectometers), while Rs3,000 for exceeding consumption of 1.5hm³ and meter rent of Rs40.”
While the government has increased the fixed charges, the sale prices of gas for both protected and non-protected consumers remain unchanged, according to the notification.
The government also kept prices for tandoors commercial units, compressed natural gas and ice factories unchanged, but increased the rates for general industries, power stations and independent power producers.
The move aligns with structural benchmarks agreed with the International Monetary Fund (IMF), including rationalization of captive power tariffs and a shift from subsidies to direct, targeted support for low-income consumers.
