Cash-strapped Pakistan's foreign direct investment (FDI) has registered a decline of 52 percent during the first four months of the current financial year (FY23), amid poor economic conditions and political instability in the country.
According to the latest data released by the State Bank of Pakistan on Monday, FDI fell to USD 348.3 million in July-October FY23 from USD 726.5 million during the same period of the previous fiscal (FY22), Dawn newspaper reported. . According to Dawn report, FDI is declining every year while the amount of investment is also very less compared to regional countries like India, Bangladesh, and China.
According to the report, the highest FDI of USD 74.8 million came from China during the first four months of the financial year.
The Pakistani daily said that China has been the biggest investor for the past several years, but its investment has started declining, as shown by the comparative data of two years. Meanwhile, FDI inflows from the UAE increased to USD 67.6 million in the first four months from USD 51.4 million during the same period last year. The report comes at a time when Pakistan's Planning Minister Ahsan Iqbal on Sunday dismissed reports related to the country's default risks. Iqbal termed them as "propaganda" of Imran Khan's Pakistan Tehreek-e-Insaf (PTI) party.
Pakistan's federal minister made the remarks after Imran warned about the economic situation in Pakistan, saying the Shehbaz Sharif government was not capable of controlling it.
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