Pak FI drops 12 percent in first month of fiscal 2009/10

Karachi, Aug.17 (ANI): The State Bank of Pakistan (SBP) has in its latest report revealed that foreign investment in Pakistan has fallen by 12 per cent to 195.6 million dollars in the first month of the 2009/10 fiscal year compared with 222.3 million dollars in the same period last year.

According to the report,which appears on the SBP website, foreign direct investment (FDI) fell from 342.5 million dollars in July of last year 200.1 million dollars, a drop of 41.6 per cent.

Foreign portfolio investment outflows slowed to 4.5 million dollars in July this year, compared with 120.2 million dollars in the same month last year.

According to the bank, Pakistan's economy is in virtual recession as GDP growth in the 2008/09 fiscal year of two per cent was barely enough to keep up with population growth.

Pakistan's new financial year began on July 1.(ANI)