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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Singapore Asia Pacific World Pakistan's July-Jan c/a def narrows to $2.487 bln Reuters - Thursday, February 18 Send IM Story Print By Sahar Ahmed KARACHI, Feb 17 - Pakistan's current account deficit in the first seven months of the 2009/10 fiscal year was a provisional $2.487 billion, the central bank said on Wednesday. This compared with a deficit of $8.056 billion in the same period of the last fiscal year, the State Bank of Pakistan said. "The main reason for the narrowing is a lower import bill as compared to last year," said Asif Qureshi, director at Invisor Securities Ltd. The trade deficit for the first seven months of the 2009/10 fiscal year was $8.4 billion compared with $10.82 billion in the same period of the previous fiscal year. [ID:nSGE619058] Higher remittances also helped reduce the current account deficit, analysts said. According to the central bank, remittances received during the July-January period of this fiscal year rose 21.53 percent from the year-ago period to $5.2 billion. Last month, the central bank, the State Bank of Pakistan, lowered its current account deficit forecast for this fiscal year to between 3.7 percent and 4.7 percent of gross domestic product. [ID:nSGE60B093] That compared with its previous estimate of between 4.7 percent and 5.2 percent. An International Monetary Fund official said on Tuesday Pakistan's economy had begun to recover from a financial crisis. [ID:nN16244434] Pakistan entered a $7.6 billion emergency IMF programme in November 2008 to avert a balance of payments crisis. The loan was increased to $11.3 billion in July last year. Pakistan recorded a provisional current account deficit of $473 million in the month of January. (For more Reuters coverage of Afghanistan and Pakistan, see: http://www.reuters.com/news/globalcoverage/afghanistanpakistan) Recommend Send IM Story Print Related Articles SEC: BofA didn't fire counsel for Merrill advice Reuters - 2 hours 29 minutes ago Toyota chief sidesteps Congress as pressure mounts Reuters - 2 hours 42 minutes ago Entrepreneur closes door on criminals Reuters - 2 hours 46 minutes ago Walgreen to buy Duane Reade in New York expansion Reuters - 2 hours 52 minutes ago Wall Street gains on earnings, economy Reuters - Thursday, February 18 News Search Top Stories Lufthansa pilots vote for crippling strikes Record aid to poor nations 'falls short of pledges' Scientists recreate Big Bang heat of 4 tln degrees C Lady Gaga scoops 3 awards at the Brits DNA reveals some mystery on King Tut, raises questions More Top Stories » ADVERTISEMENT Most Popular Most Viewed Most Recommended Third-hand smoke also bad for you: study First footage of clouded leopard captured in Borneo Barclays chiefs shun bonuses despite soaring profits Europe corners strike-hit Greece on debts Scientists recreate Big Bang heat of 4 tln degrees C More Most Viewed » Third-hand smoke also bad for you: study Pitt, Jolie sue British paper over split claims Fury heats up after new AIG bonuses Sugary soft drinks linked to pancreatic cancer: study More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Asia Entertainment Photos Copyright © 2010 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

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