Record fall in foreign investment hitting image of country: PEW
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Rupee erosion sets record despite ample forex reserves
The Pakistan Economy Watch (PEW) on Wednesday expressed concern over record fall in foreign investment which is damaging image of the country.
Foreign exchange reserves are at record level but rupee has lost 4.5 percent in the current fiscal making a record fall which is amazing, said Dr. Murtaza Mughal, President PEW.
He said that foreign investment has seen a drop of 67 percent in two months of July and October which proves that foreign investors are not impressed with the media management of the authorities and IMF.
Dr. Murtaza Mughal said that rupee has eroded a lot putting extra pressure on masses but the central bank is blaming media for it which indicates increasing irresponsibility and politics in the institution.
The pace of the rupee erosion left people bewildered with the vast majority of analysts terming it against national interest as well as against the interest of the common man.
The pace of erosion could be result of some secret deal while no one in authority is ready to say anything about it.
He said that government has paid around 12.5 billion dollars in debt servicing in the last two years and now it will be paying more due to costly loans which will strain currency and forex reserves, he warned.
