After massive cut in fiscal deficit, another big economic achievement for PTI government in FY 2019-20: Report
ISLAMABAD: After massive cut in fiscal deficit of around $4 billion, another big economic achievement for PTI government in FY 2019-20.
Foreign investments in the country has witnessed a surge of 239 percent during four months of this year-2019- as compared to the last year.
The foreign investments during the ongoing year remained at 650 millions United States (US) dollar. Giving a month-wise breakup, the authorities said that the October 2019 witnessed inflows of US$ 108 million, whereas, the same month in the past year witnessed an outflow of US$367 million.
Further divulging details of most investments from countries, they said that US$264 million were invested from Norway while an inflow of US$122 million was recorded from China.
Highlighting the sectors where key investments were made, it was informed that US$267 million were invested in the telecom sector, US$ 72 million for electrical machinery purpose and US$ 41 million in oil and gas sector.
During a presser on November 05, Minister for Economic Affairs Hammad Azhar on Tuesday said that foreign direct investment increased by 137 per cent due to prudent policies of the incumbent government.
Highlighting the achievement of the PTI government on the economic front, Hammad Azhar said current account deficit in the first quarter of the current fiscal year has decreased by 65 percent, fiscal deficit declined by 50 percent, primary budget balance noted a surplus of 385 billion rupees, foreign investment of 350 million dollars came to Pakistan, and foreign exchange reserves witnessed an increase of 650 million dollars.
The minister said collection of Federal Board of Revenue (FBR) link has increased and tax base enhanced by 55 percent and growing circular debt brought down from 38 billion to 12 billion rupees per month.