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Foreign investment in Pakistan increases by 137pc: Hammad Azhar

Foreign investment in Pakistan increases by 137pc: Hammad Azhar

ISLAMABAD: Federal Minister for Economic Affairs has said that the total foreign investment in Pakistan increased by a whopping 137 percent in the first quarter of the financial year 2019-20.

Talking to media on Tuesday, the Federal Minister for Foreign Affairs Hammad Azhar briefed about the country’s economic positions, saying that the current /account deficit has declined by 64 percent in the first quarter of the ongoing FY20, whereas the C/A deficit fell 32 percent last year.

Meanwhile, the primary budget balance has witnessed surplus of Rs 285 billion. Talking about paying off foreign loans, Azhar said that the present government broke all records of paying off foreign loan, saying that the government paid $10.5 billion worth of loans last year and would repeat the same this year.

However, circular debt has increased from Rs 450 billion to Rs 1200 billion due to which the power system has been paralyzed, informed the minister.

Azhar further said that Pakistan also witnessed a positive foreign portfolio investment of $350 million in this quarter, which was the first positive inflow after a gap of three years.

The minister informed that the inflation rate in PTI government’s first 13 months is 8 percent, while blaming the past government for inflation. The federal minister said that exports have rise and imports fall.

Pakistan is coming out of economic difficulties, said the federal minister. He added that positive news is coming for the country’s economy very soon, and there is massive investment and business opportunities in Pakistan.

Talking about Pakistan Stock Exchange (PSX), from August, the stock market rose by 6500 points, informed the minister.

Azhar further congratulated the government for achieving a huge success in Karkey case, after Pakistan managed to avoid a penalty of $1.2 billion.