Country attracts $176.8 million foreign investment during July-November

KARACHI: The country attracted US$176.8 million worth of foreign direct investment (FDI) from July 1 till November 3, 2020, according to latest figures released by the State Bank of Pakistan (SBP).

The central bank reported capital outflows of $354.7 million from the country’s stock market. Net FDI was recorded at $326.5 million during July-November, it said.

Treasury bills attracted US$126.7 million worth of foreign investment with $435.6 million outflows during this period. $22.9 million worth of investment was made in Pakistan Investment Bonds.

FDI net outflows were recorded at $790 million during July-November, the State Bank said.

On October 27, the SBP had introduced a new mechanism to enable companies in Pakistan to conveniently remit out disinvestment proceeds to their foreign shareholders.

According to a press release, the goal of this initiative is to make Pakistan a more attractive place for investment by increasing investors’ confidence and support ease of doing business. The new mechanism also incorporates feedback received from investors and other stakeholders.