Cash-strapped Pakistan’s foreign direct investment (FDI) fell by 52 percent during the first four months of the current fiscal year due to the nation’s poor economic condition and political unrest (FY23).
According to the most recent data released by the Pakistan State Bank on Monday, which was cited by the Dawn newspaper, FDI decreased from USD 726.5 million in July to October of FY22 to USD 348.3 million in the same period of FY23.
The FDI has reportedly been dropping annually, and the amount of investment is also quite little when compared to that of neighbouring nations like India, Bangladesh, and China.
Notably, throughout the first four months of the fiscal year, China contributed the most FDI, at USD 74.8 million.
China has reportedly been the largest investor for a number of years, but as shown by the comparison numbers for the past two years, its investment has started to decline.
In the meantime, FDI inflows from the UAE rose to USD 67.6 million in the first four months from USD 51.4 million in the corresponding period last year.
This post is in response to reports that Pakistan’s Planning Minister Ahsan Iqbal refuted on Sunday about the risk of the nation’s default. They were referred to by Iqbal as PTI (Pakistan Tehreek-e-Insaf) “propaganda.”
After Imran expressed concern about Pakistan’s economic crisis and said that the Shehbaz Sharif government was unable to control it, the federal minister for Pakistan made the comments.
“The news about Pakistan’s default risk is based on a malicious campaign initiated by the PTI, which has no reality,” Iqbal was quoted as saying by Dawn in an address at the Pakistani Consulate in Jeddah.
“The PTI destroyed the country’s economy, which led to an economic crisis, but the incumbent government has improved the economy by following the agreement with the IMF (International Monetary Fund), and for the last six months, Pakistan has adopted a path of stability,” Iqbal added.
