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Amid financial turmoil, finance minister hopes for swift economic recovery

Miftah Ismail says negotiations with International Monetary Fund proceeding 'positively'

Federal Finance Minister Miftah Ismail on Friday said the much-awaited negotiations with the International Monetary Fund were proceeding in a “positive” manner, hopeful that the country’s economic situation would get better soon.

Taking to his Twitter handle, the finance minister wrote, “With positive IMF talks underway, we expect a turnaround in the economic situation very soon.”

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He also presented the current account data released by the State Bank of Pakistan last night, terming the decline a “good sign for external stability”.

According to the SBP data, Pakistan’s current account deficit shrank by 39% month-on-month to $623 million in April. This happened because of record high workers’ remittances and a decline in the import bill.

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“Current account deficit shrank to $623 million in April 2022; only two-thirds of March 2022 deficit of $1,015 million,” the central bank said on its official Twitter handle late on Thursday.

The data depicted that the export earnings increased by $83 million to $3.15 billion in April compared to $3.07 billion in March. Workers’ remittances were at a record high at $3.12 billion in April compared to $2.81 billion in March. Imports fell to $6 billion in April compared to $6.25 billion in the previous month.

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