Wednesday, October 21, 2020

Foreign investments in Pakistan declines by 75% during seven months of fiscal year 2018-19

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Zain Zubair
Zain Zubair
Zain Zubair is a staff writer for World News Observer. He is studying ACCA in Pakistan. Besides Accountancy and writing pieces, he loves cooking and nature photography. Zain has attended various modern journalism workshops. Contact: [email protected]

The State Bank of Pakistan on Monday in its report stated that $143 million foreign investment was made in January alone while $1.45 billion worth of foreign investment came to Pakistan in the first half of the fiscal year 2018-19.

According to details, foreign investment shrank by 75 per cent to $3.9 billion in the first seven months of this fiscal year while foreign direct investment (FDI) registered a drop of 17 per cent during this period.

The stock market lost $400 million in the first seven months of the fiscal year.

The situation, however, is expected to improve soon as the Kingdom of Saudi Arabia will invest in three phases, short-term, middle-term and long-term projects, in Pakistan under its investment plan.

According to the investment plan released during the historic visit of Saudi Crown Prince Muhammad bin Salman, the Saudi Kingdom will invest 21 billion dollars in various projects in Pakistan.

The investment on RLNG Plants, Aqua Power and the Saudi Fund for Pakistan will be the first phase of the short-term projects.

The short-term investment will come to Pakistan in a year or two, and its volume will be seven billion dollars, according to the plan.

The second phase of mid-term investment will be completed within two to three years.

The investment to the tune of two billion dollars will cover petrochemicals, food and agriculture projects.

Zain Zubair
Zain Zubair
Zain Zubair is a staff writer for World News Observer. He is studying ACCA in Pakistan. Besides Accountancy and writing pieces, he loves cooking and nature photography. Zain has attended various modern journalism workshops. Contact: [email protected]

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