Pakistan economy enjoy surplus of $424 millions for the first time since 2018. Government finally successfuly secure the surplus from account deficit thanks to slowdown of economic activity world wide and and crashing of oil price. Pakistan economy enjoys surplus mainly for three reasons.
Inflation, devaluation and Remittances.
HOW CAN INFLATION DECREASE THE IMPORTING BILL?
Inflation has two or more effects just of rising of price of commodities. First it gives the incentive to households to lessen their needs which eventually reduces the demand of imported items and the letter effect is household wants to save their money instead of investing amidst it may need anytime of emergency this pave the way of foreigner borrowing for investing in country.
REMITTANCES also contribute in country's economic growth growth, providing jobs opportunity and increase in foreign exchange reserve and alleviate the poverty.
DEVALUATION is good for a country when it has more to export than import as China has been doing for many years.
Overall diminish of importing bill is caused by oil Price crash in global market and Cpec-related activity hampered amidst on going lockdown.
It has been seen decrease of $13.5 billion out of which $6.6 billions spend on machinery and petroleum products.
MISTAKES
A flawed policy was adopted on the basis of, Importing goods are cheaper than the exporting goods.
From 1947 Pakistan had take Rs 7 billion debt; doubled in at the end on 2013 added more Rs 24 trillion by the end of 2018 uptil now Rs.11 Trillion it to Pakistan's debt fortune.
REMITTANCES
Remittances is a backbone of a country economy it it were I'll managed proved to be disastrous that what happened with Pakistan in past years that the remittances reached lowest. An individual should let by government to easily and simply send money to his homeland Rather than hampering him very documents check and get stuck with long qoue just for simple process.
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