ISLAMABAD: Advisor to Finance Minister on Economic and Financial Reforms, Khurram Schehzad said here on Monday that country’s economy has made remarkable improvement as indicated by economic indicators, including fiscal balance that swung into a surplus of Rs1.8 trillion in the first quarter. The advisor, while addressing media here, said the country’s fiscal deficit has been transformed into a 1.5% surplus, a significant improvement from last year’s around 1% deficit during the same period. This achievement marks the first fiscal surplus in 24 years, the advisor added.
Shehzad attributed the turnaround to effective management of revenues and expenditures, saying that in the first quarter, the fiscal balance was in surplus, with revenues increasing and expenditures being controlled.
The advisor also highlighted the improvement in the current account balance during July-October of the current fiscal year, which has turned into a surplus of around $218 million during the first four months of the current fiscal year.
Khurram said exports have shown an 8% increase, reaching $13 billion in the July-October period, up from $12 billion during the same period last year.
