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Foreign Direct Investment declines 29% in FY21

Foreign Direct Investment declines 29% in FY21
Amounts to just $1.85b due to travel disruption caused by Covid-19 pandemic
KARACHI:
The inflow of foreign direct investment (FDI) into different sectors of Pakistan’s economy fell 28.9% to $1.85 billion in fiscal year 2020-21 primarily due to the global travel disruption that prevented foreigners from visiting the country for investment purposes.
According to data released by the State Bank of Pakistan (SBP) on Friday, the foreign investment in Pakistan had stood at $2.6 billion in fiscal year 2019-20.
Speaking to The Express Tribune, Economist Muzammil Aslam said that the main reason behind the drop in FDI was the Covid-19 pandemic. He added that the number of foreigners who visited Pakistan in the last fiscal year nosedived on the back of global travel restrictions, hence the volume of direct investment declined as well. ....

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Pakistan receives record $29.4 billion remittances in 2021

Pakistan receives record $29.4 billion remittances in 2021
Photo: AFP
Workers’ remittances hit $2b plus mark for 13th consecutive month in June, 2021.
Pakistan received record $29.4 billion remittances during the financial year 2020-21 as non-resident Pakistanis continued to send over $2 billion foreign exchange for the 13th consecutive month in June, latest data shows.
State Bank of Pakistan, the central bank, said workers remittances registered a substantial $6.24 billion, or 27 per cent year-on-year growth, improving the country’s external sector position despite the challenging global economic conditions.
This is the fastest growth in remittances since the financial year 2002-03, the central bank said.
1/2 On a cumulative basis, remittances rose to a historic annual high of $29.4 billion in FY21. This has helped improve the country’s external sector position despite the challenging global economic conditions in the past year. pic.twitter.c ....

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SAMAA - Central bank expected to keep Pakistan policy rate unchanged

The market is expecting that the State Bank will be maintaining the interest rates at the present level of 7% to keep the economy in a direction that induces growth as uncertainty persists because of the coronavirus pandemic. According to senior research analyst Raza Jafri, the SBP is likely to keep the interest rate at the current level. “The interest rate was brought down due to the pandemic and subsequent lockdown in the country last year,” Jafri said. “Looking at the increasing Covid-19 cases, I don’t think the State Bank would increase the policy rate.” The interest rate stood at 13.25% early last year before the pandemic wreaked havoc on Pakistan s economy. The policy rate wa. ....

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Pakistan bares 3.94% GDP growth target, almost double IMF, World Bank forecasts

Pakistan bares 3.94% GDP growth target, almost double IMF, World Bank forecasts
Muzaffar Rizvi/Dubai
Filed on May 21, 2021
The performance of Pakistan’s agricultural sector has been critical in helping the country’s economic revival, with the government pledging more support.
(AFP)
Agricultural, industrial and services sectors driving economic revival and rosier outlook
Pakistan estimated provisional GDP growth for the 2020-21 financial year at 3.94 per cent, which is almost double the forecasts from the International Monetary Fund (IMF), the planning ministry said on Friday.
In a statement, the ministry attributed higher economic growth to the better performance in the agricultural, industrial and services sectors. ....

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Rupee Becomes World's best Currency

Rupee Becomes World's best Currency
timesofpakistan.pk - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from timesofpakistan.pk Daily Mail and Mail on Sunday newspapers.

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