ISLAMABAD - Prime Minister Imran Khan on Monday said that the country’s economy is on the right track after Pakistan’s current account balance registered a surplus of $424 million for July.

In his tweets, he said that the current account balance swung upwards to a surplus of 424 million dollars in the month of July this year.

This, he said, after current account balance posted deficit of 613 million dollars in July last year and a deficit of 100 million dollars in June this year.

The Prime Minister said this strong turnaround is a result of continuing recovery in exports, which rose 20 percent compared to the month of June and record remittances.

Meanwhile, the State Bank of Pakistan (SBP) while acknowledging the economic turnaround said this was the fourth monthly surplus since October 2019.

The SBP, which had tweeted minutes after the Prime Minister’s statement, said that apart from the continued recovery in exports and record-high remittances the “strong turnaround” was also due to the support “from several policy and administrative initiatives by SBP and the government.”

The central bank also said that the exports for the sustained strong recovery with month-on-month growth of further 19.7% in July on top of 25.5% in June.

Last week, PM Imran had announced that the country’s remittances from overseas Pakistanis had reached $2,768 million in July 2020 – the highest ever amount in one month in the history of Pakistan.

On the Independence Day, PM Imran had said the country’s economy was on the path to recovery as Pakistan had the upper hand in tackling coronavirus.

“Today, the economy is working as well as the coronavirus cases are declining,” said PM Imran, in a televised address to the nation explaining to people why the measures taken by the government to reduce the price of electricity will lead to a significant improvement in Pakistan’s economy.