Pakistan's July-August c/a deficit narrows to $527 mln: Forbes

KARACHI, Sept 17 (Reuters) - Pakistan's current account deficit in the first two months of the 2009/10 fiscal year was a provisional $527 million, compared with a deficit of $2.68 billion in the same period last year, the central bank said.

Pakistan recorded a current account surplus of $82 million in August, compared with a current account deficit of $606 million in July, the bank said.

A lower trade deficit and record remittances accounted for the swing, according to Asif Qureshi, director at Invisor Securities Ltd.

Pakistan's trade deficit narrowed to $1.04 billion in August, compared with $1.89 billion in August last year. The deficit was $1.15 billion in July.

Pakistan entered a $7.6 billion emergency International Monetary Fund (IMF) programme last November to avert a balance of payments crisis. The loan was increased to $11.3 billion in July, of which the IMF has so far disbursed over $5 billion.

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