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Balance of payments situation critical in Pakistan: Liepach

bank1KARACHI: Net foreign direct investment into Pakistan in the eight months that ended in February declined 9.7 percent from a year earlier to $504.4 million according to State Bank of Pakistan data.

Between last July and February, there was an inflow of $1.405 billion and an outflow was $900.7 million, the central bank said.

In the year earlier period, there was an inflow $1.424 billion and outflow of $865.8 million.

During February, net foreign direct investment fell to $13.8 million from $35.4 million a year earlier.

Earlier this month, the country director of the Asian Development Bank, Werner Liepach said Pakistan has reached a critical balance of payments situation and will need another package from the International Monetary Fund before the end of the year to avert a crisis.

Copyright Reuters, 2013