Political strategies

Bad economy Government and opposition should strategize together despite differences: UBG – Business & Finance

KARACHI: Leaders of the United Business Group (UBG) have called on the government and the opposition to avoid their differences and sit down immediately to devise strategies to address the challenges of economic poverty and poverty and the impending inflation.

The entire nation is going through the worst situation which has been further aggravated by devastating floods as all political parties appear to be unserious in addressing the current critical economic situation, they added.

They lamented that Pakistan has failed to attract a significant amount of FDI for more than a decade and that the recent political unrest has further damaged the country’s image in the world.

The significant drop in FDI also reflects the poor performance of the economy on the external front, they added.

They said the data released by the State Bank of Pakistan regarding the significant drop in profit and dividend outflows from foreign investment is due to the sluggish economic activities in the country.

The latest data from SBP also reveals that profit and dividend repatriations dipped to $28.2 million in July-August from $396.4 million in the same period last year. It was further revealed in the report that the economic activities have started to contract mainly due to the political uncertainty plaguing the economic horizon of the country.

Outflows by country compared to last year were $3.1m to China vs. $37.5m, $0.1m to Switzerland vs. $41.4m, 2.9 million to UK vs. $94.8 million, $8.5 million to US vs. $86.9 million.

Copyright Business Recorder, 2022