KARACHI: Inflows of Foreign Direct Investment (FDI) in the country declined by 10 percent during the first nine months of this fiscal year (FY24).

The State Bank of Pakistan (SBP) on Monday reported that the country fetched FDI amounting to $1.1 billion during July-March of FY24 compared to $1.216 billion in the same period of last fiscal year (FY23), depicting a decline of $118 million. During the period under review, FDI inflows were $1.959 billion against $860 million.

Month-on-month basis, net foreign direct investment settled at $258 million in March 2024, compared to $170 million during March 2023. The FDI inflows in March 2024 are highest since June 2022.

During the first nine months of this fiscal year, portfolio investment was $65 million compared to an outflow of $4.4 million.

During the period under review, the country’s total foreign investment surged by 525 percent. The country attracted foreign investment amounting to $1.264 billion in July-March of FY24 up from $202 million in corresponding period of last fiscal year.

Copyright Business Recorder, 2024