KARACHI, Pakistan: The State Bank of Pakistan has said that the Current Account Deficit (CAD) rose to US$ 1.4 billion in May 2022.
In a statement on Tuesday, the State Bank also said that while overall imports fell in May as compared to April, a decline in remittances and exports on account of Eid holidays contributed to the rise in the Current Account Deficit.
Moreover, excluding in kind imports that are fully financed and thus do not undermine sustainability of the CAD, the deficit was more modest at US$ 1 billion.
1/2 The current account deficit (CAD) rose to $1.4bn in May. While overall imports fell compared to April, a decline in remittances and exports on account of Eid holidays contributed to this rise. pic.twitter.com/pZcZpcZ1op
— SBP (@StateBank_Pak) June 28, 2022
2/2 Moreover, excluding in kind imports that are fully financed and thus do not undermine sustainability of the CAD, the deficit was more modest at $1bn.
Visit #EasyData to view interactive chart & download data at https://t.co/QLTzTzZUlY or see report: https://t.co/Od8ikVvpBF— SBP (@StateBank_Pak) June 28, 2022
Earlier in the day, the Federal Minister for Finance Miftah Ismail announced on Twitter that Pakistan has received the draft Memorandum of Economic and Financial Policies (MEFP) from the International Monetary Fund (IMF) for the combined 7th and 8th reviews.
The draft MEFP is a prerequisite for paving the way for moving towards striking a staff-level agreement with the IMF.
