Pakistan’s total current account deficit could exceed $ 20 billion by the end of this fiscal year, according to foreign media reports. According to foreign media reports, the estimate was based on a deficit of $ 2.5 billion in January.
According to Hafeez A. Pasha, Pakistan’s former finance minister and economist, the country is fast moving towards a deficit of $ 20 billion or 6% of GDP. The former finance minister further said that the assessment was made by Pakistani economists after studying the upward trend in international commodity prices.
Pakistan’s current account deficit has already reached $ 11.6 billion in the first seven months of this fiscal. He also suggested that political parties avoid controversy as the country is heading for a serious financial crisis.
He also warned the current government that the country’s foreign exchange reserves would fall to $ 7 billion.
