ISLAMABAD: Federal government is planning to introduce five years plan named ‘Balance of Payment Plan- 2018-23’ to control the current account deficit, it is learnt here.
Sources told Customs Today that the government received FBR and other stakeholders’ suggestions and recommendations regarding five years plan which solely aimed at controlling current account deficit and imbalance in the payment. The government with the help of the Ministry of Commerce would finalize the draft of the plan.
Sources added that if the imbalance in the foreign payments and current account deficit are not controlled timely, Pakistan will face economic crash. The first draft has been prepared and received by FBR for further suggestions and recommendations to finalize the plan.
It is important to mention here that the trade deficit increased 20% to $25 billion in 10 months compared to $20.77 billion in the same period last year while current account deficit touched $18 billion in Fiscal Year 2017-18, up 42.5 percent over the previous fiscal year. Two years ago, the CAD was at $4.876b, which increased to $12.621b the following year, before hitting its record high in 2017-18.
