By Karim Madad

ISLAMABAD Aug 5 (INP-WealthPK): Total foreign investment during the financial year 2021-22 stood at $17.889 billion compared to $4.582 billion investment achieved in FY 2020-21, a latest report released by the Ministry of Finance said.

According to the Monthly Economic Update and Outlook, July 2022, the portfolio public investment during FY21 stood at $2.555 billion, while the interment during the same period of stood at $309.5 million.

The report said the foreign direct investment (FDI) during FY21 was recorded at $1.820 billion, while during FY22 it stood at $1.867 billion, showing an increase of 2.6%.

The report added that the current account deficit in FY21 was $2.8 billion which increased to $17.4 billion during July 2021-22.

Remittances during FY21 were recorded at $29.4 billion while these stood at $31.2 billion during FY22, showing an increase of 6.1%.

Pakistan’s exports during FY21 stood at $25.6 billion, while during FY22, exports stood at $32.5 billion, showing an increase of 26.6 percent.

Similarly, its imports during FY21 were recorded at $54.4 billion, while it stood at $72 billion, showing an increase of 32.8%.

The report said the foreign exchange reserves held by the country on July 23, 2021 were at $24.874 billion, out of which the State Bank of Pakistan (SBP) was possessing $17.830 billion, while commercial banks were holding $7.046 billion.

Similarly, the total foreign exchange reserves on July 25, 2022, were $14.358 billion, out of which the SBP was possessing $8.519 billion, while commercial banks were holding $5.839 billion.

According to the FBR (Federal Board of Revenue) sources, the revenue authority has collected Rs6.125 trillion during the financial year 2021-22, which exceeded the revised target of Rs6.1 trillion by Rs25 billion. This represents a growth of about 29.1% over the collection of Rs4.744 trillion realized during financial year 2020-21.

Renowned business leader and President SAARC Chamber of Commerce and Industry Iftikhar Ali Malik told WealthPK that the Pakistan government should focus on facilitating domestic and foreign investors with tax incentives and providing business-friendly environment to attract more investments in the country. 

He expressed satisfaction over tax collection of Rs6.125 trillion during FY22. He also called for enhancing exports and taking immediate steps for checking the devaluation of Pakistani rupee against US dollar. He called for reducing the rates of petroleum products according to reducing in international prices, and pass on the benefit to consumers and business community.

Credits: Independent News Pakistan—Wealthpk