$ 3 billion FDI + $ 4billion remittances from overseas Pakistani’s. Money is flowing into Pakistan from all over the world. :k:
Country likely to achieve $3b FDI target by March
The country is likely to achieve its $3 billion Foreign Direct Investment (FDI) target by March after settlement of the payment dispute with Etislat International against the sell-off of 26 percent share of the Pakistan Telecommunication Company (PTCL). “The country has received a total foreign investment of $1.627 billion in the past seven month (July-January 2005-06),” the data on State Bank of Pakistan web site said here on Thursday. The total foreign investment had jumped over 168 percent in first seven month of this year compared with $606.9 million in 2004-05, the data said. The foreign portfolio investment in the local bourses rose to $400.5 million in July-January 2005-06 compared with only $92 million in the same period last year. An analyst claimed that the portfolio investment had touched $440 million till February 20, 2006. “The country is receiving an average inflow of $40- $50 million a month,” said Mohammad Sohail, director equities at Jahangir Siddiqui & Co. “The inflows coming from the USA is also continuously soaring up.” The president and the prime minister are optimistic that the overall FDI would touch $3 billion in current fiscal year. According to the news coming from Islamabad, a delegation of Etisalat International has finalized the payment scheduled against the sell-off of PTCL and the Privatization Commission would received $1.4 billion in 2-3 weeks. The remaining amount would be received in installments.
During the first seven month of 2005-06, Pakistan had received total FDI of $1.226 billion, and $400 million as portfolio investment, the SBP data said. The portfolio investment from the USA has gone up by 497.5 percent to $298.2 million in July-Jan this year compared with $50 million in the same period last year. Investors from the UK withdrew $0.3 million this year against $12.1 million in the same period last year. The investment went up from the UAE to $50.7 million this year against $23.7 million. The investment in the local bourses went up from the USA, the UK, Switzerland and Hong Kong, whereas investors from Japan and other countries withdrew some of their capital from the local markets. Direct investment of the USA in Pakistan has gone up by 125 percent to $291 million in the July-Jan this year against $129.2 million in the same period last year, whereas the same investment of the UAE went up to $43.2 million in first seven months from $26.8 million. Direct investment of the UK, Saudi Arabia, the UAE, the USA, the Netherlands, South Korea, Singapore, China, Australia, Switzerland has surged in Pakistan, whereas investment from Hong Kong, Italy and Japan has declined. The country’s workers’ remittances registered an increase of $179 million or 7.89 percent in July-Jan 2005-06 to $2.446 billion against $2.267 billion in the same period last year. Pakistan received an amount of $2,446.52 million as workers’ remittances during the first seven months of the current fiscal year (July 2005 – January, 2006) as against $2,267.52 million received in the corresponding period of the last fiscal year.
Re: Pakistan likely to achieve $3billion FDI target by March
$ 3 billion FDI + $ 4billion remittances + $10 billion in taxes (by financial year end). So much money flowing into and within Pakistan. :k:
CBR collects Rs 409.235b tax in July-Feb period
The Central Board of Revenue (CBR) has collected taxes of Rs 409.235 billion in the first eight months (July-February period) of the current fiscal year against the collection of Rs 340.983 billion in the same period of last fiscal year, showing an increase of 20%. According to the provisional figures for the July-February period, the CBR has collected Rs 121.887 billion under the head of income tax during the July-February period of current fiscal against the collection of Rs 96.324 billion in the same period of last fiscal year, showing an increase of 26.5 %. An overall growth of 19.9% was seen in sales tax collection that stood at Rs 174.118 billion during the July-February period of current fiscal year against the collection of Rs 145.172 billion in the same period of last fiscal year. The collection of sales tax at the import stage stood at Rs 105.077 billion in the July-February period of current fiscal year against the collection of Rs 91.967 billion in the same period of last fiscal year, indicating an increase of 14.3%. The sales tax collection at the domestic stage witnessed an increase of 29.8% and it stood at Rs 69.041 billion during the July-February period of current fiscal year as compared with the collection of Rs 53.205 billion in the same period of last fiscal year. The customs duty collection stood at Rs 80.729 billion in the July-February period of current fiscal year as compared with the collection of Rs 67.971 billion in the same period of last fiscal year, indicating an increase of 18.8%. The Federal Excise Duty (FED) collection also witnessed an increase of 3.1% and it amounted to Rs 32.501 billion during the July-February period of the current fiscal year as compared with the collection of Rs 31.516 billion in the same period of last fiscal year.
The CBR has paid refunds and rebate to the tune of Rs 54.998 billion in July-February period of the current fiscal year as compared with the payment of Rs 64.280 billion in the same period of last fiscal year. The income tax refund payments stood at Rs 19.217 billion in the July-February period of current fiscal year as compared with the payment of Rs 15.314 billion in the same period of last fiscal year. The sales tax refund payments amounted to Rs 23.100 billion during the July-February period of the current fiscal as compared with the payments of Rs 38.644 billion in the same period of last fiscal year. The reason behind the decrease in sales tax refund payments is mainly due to the sales tax zero-rating facility for the five major export industries (textiles, leather, carpets, sports goods and surgical goods) in the federal budget 2005-06. The customs duty rebate payments amounted to Rs 12.464 billion in the July-February period of current fiscal year against the rebate of Rs 10.291 billion paid in the same period of last fiscal year. The CBR has paid FED rebate of Rs 217 million in the first eight months and that is more than the payment of Rs 31 million in the last fiscal year.
Tax collection in February: The CBR has collected federal taxes of Rs 39.405 billion in February 2006, collection of income tax stands at Rs 7.503 billion, sales tax collection amounts to Rs 19.191 billion, customs duty collection is at Rs 9.711 billion and federal excise duty collection was Rs 3 billion in January.
Re: Pakistan likely to achieve $3billion FDI target by March
In other words, you really can not disprove the article. Thanks for letting us know you know nothing about statistics.
On one hand we have people like this guy here, who deny Pakistan is making economic progress, on the other hand we have people who call the economic progress to be the result of America's help.
These people negate each other, and the only thing common among them is their criticism towards Pakistan, for one reason or another.
Re: Pakistan likely to achieve $3billion FDI target by March
You ain’t seen nothin’ yet. As long as Pakisan goes along with the USA, money will continue flowing in (just like the $$ coming to our good ole neighbor Bharat).
In fact Pakistan can easily quadruple this inflow by sending out troops to the Middle East.
Re: Pakistan likely to achieve $3billion FDI target by March
Dear Shahzada (Prince) sahib, calm down. America is the largest trading partner of Pakistan.
Saudi or no Saudi, the past has shown us that Pakistan’s economy grinds to halt whenever uncle Sam pulls the plug. There is no harm in accepting that fact. Many European and Asian economies (bigger than Pak’s) are much more dependent on the access to US market and approval rating of US institutions.
Pakistan has a bright future. We all are praying for it and working hard for improving Pakistan’s economy.