Pakistan is in safe zone, says Finance Minister Ishaq Dar

ISLAMABAD (APP) - Federal Minister for Finance and Revenue Muhammad Ishaq Dar said that Pakistan is in safe zone, adding the country’s total reserves were between US$14 and US$15 billion when Shehbaz Sharif assumed as the prime minister.

Talking to the media on Tuesday, he said that the country had witnessed Current Account Surplus (CAS) of US$334 million during the month of June 2023 against the deficit of US$2,321 million during the same month of last year.

The minister said that this was for the fourth consecutive month that Pakistan has been witnessing surplus in current account owing to the proper management of economy.

He said that the total Current Account Deficit (CAD) declined to US$2.56 billion during the fiscal year 2022-23, which is 14.65 percent of the deficit of US$17.48 billion recorded during the fiscal year 2021-22.

He said it was due to good management by Prime Minister Shehbaz Shahbaz Sharif that the country did not default, adding the incumbent government not only fulfilled all its sovereign commitments but also left no chance for country’s default.

He congratulated the prime minister, economic team and State Bank of Pakistan (SBP) for successful management of country’s economy. "This is the reason and answer to those pundits who wondered why Pakistan is not defaulting. Those pundits had left around US$17 billion CAD last year and even US$19 billion in past. Despite making all due sovereign payments would leave the country’s reserves at the same level when it completes its constitutional term," he concluded.