ISLAMABAD, Dec 8. (INP-WealthPK)–The total foreign investment in Pakistan showed a decrease of 52.1% during the first four months of the current fiscal, WealthPK reports.
According to the monthly economic update and outlook released by the Ministry of Finance, total foreign investment in the country was recorded at $348.3 million in the first four months of the ongoing financial year as compared to $726.6 million in the same period of the previous fiscal.
It said that direct foreign investments in the country during the first four months of the previous fiscal stood at $487.8 billion against $314.5 billion in the same period of the current financial year, depicting a sharp decrease of 35.5%.
The report said that the current account deficit in the first four months of the previous financial year was $5.3 billion while it stood at $2.8 billion during the same period of the ongoing fiscal.
It said that remittances sent to the country during the first four months of the last fiscal were recorded at $10.8 billion as compared to $9.9 billion during the current fiscal, showing a decrease of 8.6%.
The report said that the volume of exports from Pakistan to other countries during the first four months of the last fiscal stood at $9.6 billion, which reached $9.8 billion in the ongoing financial year, showing an increase of 2.6%.
Similarly, the volume of import of various goods to the country during the first four months of the previous fiscal was recorded at $23.2 billion, which dipped to $20.6.0 billion in the current financial year, showing a decrease of 11.6%.
The report said that foreign exchange reserves held by the country on November 22, 2022, were recorded at $22.756 billion out of which the State Bank of Pakistan was possessing $16.236 billion while commercial banks were holding $6.520 billion.
Similarly, the total foreign exchange reserves on November 22, 2022, were recorded at 13.619 billion out of which SBP was possessing $7.804 billion while the commercial banks were holding $5.815 billion.
The report said that the total foreign exchange rate of the Pakistani rupee against the dollar in November 2021 was Rs174.77 while it reached Rs223.42 in the same of the current year.
The Federal Board of Revenue collected net revenues of Rs1,843 billion during the first four months of the previous fiscal while it collected Rs2,149 billion in the current financial year, showing an increase of 16.6%.
Renowned businessman and coordinator of Federal Tax Ombudsman Meher Kashif Younus told WealthPK that the government should focus on facilitating both domestic and foreign investors by giving tax incentives and providing a business-friendly environment to them.
He expressed satisfaction over tax collection but also showed concerns over the decrease in foreign investment. He urged the government to look into the situation and take measures for attracting investments, especially foreign direct investments.
He told WealthPK that a decrease in imports and an increase in exports from the country were also satisfactory.
