ISLAMABAD: The Federal Investigation Agency (FIA) has finally registered an FIR against two Pakistani businessmen on charges of defrauding a Chinese investor. The FIR No 33/2023, registered by the FIA’s Commercial Banks Circle, follows an inquiry into the complaint lodged by Zhi Cheng Li. The FIR carries Sections 409, 420, 468, 471 and 109 of PPC. Mr Zhi, who claims falling victim to decepti
Pakistan was the top borrower of the International Development Association (IDA) in fiscal year 2023, securing $2.3 billion in funding, the World Bank said in its annual report. The bank helped Pakistan respond to devastating floods with nearly $1.7bn for five projects in the worst-affected Sindh province to build resilient housing, restore crop production, provide health services for mothers a
Pakistan refiner Cnergyico has imported the country’s first private-sector shipment of Russian crude oil, it said on Monday, as the cash-strapped nation takes advantage of Moscow’s discounts on its oil exports. The South Asian nation has started snapping up crude oil that Russia has discounted after its exports were banned from European markets over Russia’s invasion of Ukraine. Pakistan’s f
Pakistan’s annual inflation rate rose to 31.4 per cent in September from 27.4pc in August, statistics bureau data showed on Monday, as the country reels from high fuel and energy prices. The country is embarking on a tricky path to economic recovery under a caretaker government after a $3 billion loan programme approved by the International Monetary Fund (IMF) in July averted a sovereign debt d
The dollar price in the open market once again fell below the interbank rate on Monday reflecting ample liquidity and low demand. The State Bank of Pakistan (SBP) reported the greenback lost another 98 paise to close at Rs286.76 from Rs287.74 the previous session. The appreciation for the 18th consecutive session has helped the rupee to be considered as the best-performing currency. The loca