December 7, 2021

The World Live Breaking News Coverage & Updates IN ENGLISH

The World Live Breaking News Coverage & Updates IN ENGLISH

Pak foreign direct investment falls 12% in July-Oct

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Pak foreign direct investment falls 12% in July-Oct
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Pak foreign direct investment falls 12% in July-Oct
Pak foreign direct investment falls 12% in July-Oct

ISLAMABAD: Foreign direct investment (FDI) in Pakistan plummeted by 12 per cent in the first four months of the current fiscal year.
In real terms, FDI inflows stood at USD 662 million during the four-month, from July to October compared to USD 750.6 million in the same period a year ago, Pakistani Newspaper Dawn reported data issued by the State Bank on Wednesday.
In October, the inflows plunged by 24pc to USD 223m from USD 293m in the same month in 2020.
The drop in the FDI comes at a time when the Pakistan government is in desperate need of foreign inflows and is in negotiations with the International Monetary Fund for the resumption of loans, Dawn reported.
Meanwhile, inflows from Pakistan’s largest trading partner – China have also fallen drastically to USD 116.5m in July-October from USD 399.5m in the same period in the same period in 2020.
Besides, the Pakistan rupee has also recorded a fall against the US dollar in the inter-bank currency market for months, a rising concern for the Imran Khan government indicating that the country is facing a deeper economic problem, reported local media.
The Pakistani rupee closed at an all-time low of 175.73 to a US dollar. The rupee has lost 13.34 per cent and 10.35 per cent since May 14 and July 1, respectively.
Despite the State Bank of Pakistan‘s curbs on imports and the purchase of the greenback from the open market, the rupee has been declining against the US dollar.

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