ISLAMABAD: The statistics of the Finance Ministry reveals that $457 million capital has been transferred for overseas investment with the approval of the State Bank of Pakistan and Economic Coordination Committee of the Cabinet in the last five years (2009-14). Official documents revealed that $298 million outflow was recorded during 2012-13 which is the highest in five years. This was last year of the PPP-led coalition government where maximum capital outflow was recorded in the country due to uncertain political situation. In the last fiscal year 2013-14 the capital outflow has recorded $78.84 million. It is important to mention that SBP accords approvals and maintains data for permissible transactions for investment abroad that empowered SBP to approve such investment proposals of Pakistanis involving an amount up to US$ 5 million. Officials from SBP claimed that the SBP has enhanced its coordination with the concerned law enforcement agencies to check outflow of currency through illegal channels.
Pakistan faces challenges to expand public services as Oxfam warns of rising inequality in Asia
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