The growth in export earnings and remittances was insufficient to overcome the current account deficit, it said. Remittances registered significant growth of 3. Sign in Subscribe. Sign in. Log into your account. Sign up. Password recovery. Profit by Pakistan Today. Pak-Afghan transit trade accord extended for three months. KP govt to launch interest free microfinance scheme in merged areas.

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Pakistan’s dollar reserves up by 65%

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Anamta Nadeem. Font Size Abc Small. Abc Medium. Abc Large. ET Online. As Pakistan celebrates its Independence Day today, it is also grappling with a big economic crisis. The country runs a serious risk of defaulting on its payments. Imports exceed exports The balance of payments crisis originates in the current account deficit, which is the value of imports exceeding the value of exports.

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Pakistan's current account deficit has grown four times in just two years. Why it happened Between July and March, about 70 per cent of the country's import bill was for energy, machinery and metals, AFP reported.

The import bill ballooned mainly due to higher oil prices and imports from China which is building several infrastructure projects in Pakistan under the China-Pakistan Economic Corridor programme. There was a marginal increase in exports which are mainly textiles. Govt to act on Broadsheet inquiry commission report: minister.

China lends $1 billion to Pakistan to boost plummeting FX reserves — sources

FIA uncovers documentary evidence against Pakistan sugar mafia. Tell us what you think: Cancel reply Your email address will not be published. Comment Name Save my name, email, and website in this browser for the next time I comment. SBP, Meezan Bank explain house loan subsidy scheme. You can now borrow Rs10 million to finance your house.

Gold price drops Rs2, in Pakistan. Shabbar Zaidi calls for 'financial emergency' in Pakistan. Dollar slides to its lowest level in almost two years.