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Africa still sees China as best bet for financing

BEIJING: A wave of African nations looking to restructure debt with China on the eve of a major Beijing summit provides a reality check for the continent, where most countries still view Chinese lending as the best bet to develop their economies. China has denied engaging in “debt trap” diplomacy, but President Xi Jinping is likely to use next week’s gathering of African leaders to offer a new round of financing, following a pledge of $60 billion at the last summit three years ago. Ethiopia and Zambia, heavy borrowers…

French ex-president Sarkozy held in Libya financing probe

PARIS: French ex-president Nicolas Sarkozy was taken into police custody on Tuesday and questioned over allegations that late Libyan dictator Muammar Gaddafi financed his 2007 election campaign via suitcases stuffed with cash, a source close to the inquiry told AFP. Sarkozy was detained early on Tuesday morning and was being questioned by prosecutors specialising in corruption, money laundering and tax evasion at their office in the Parisian suburb of Nanterre. The 63-year-old had until now refused to respond to a…

FATF meets today to discuss proposal to put Pakistan on grey-list

PARIS: The week-long meeting of the Financial Action Task Force (FATF), a global anti-money laundering body, begins today here with a proposal on its agenda to include Pakistan on a watch-list of countries having failed to combat terrorist financing. The meetings of FATF that begins today will continue till February 23 to discuss important issues to protect the integrity of the global financial system and contribute to security. It would also take up a motion put forward by the United States and its allies to put Pakistan…

Pakistan’s anti-terror financing measures cause of concern: US

WASHINGTON: The United States (US) has said the international community has concerns about the government of Pakistan not rectifying deficiencies in the implementation of anti-money laundering and counter-terrorism strategies. In response to a question about a US motion to put Pakistan on a global terrorist financing watch-list with an anti-money laundering monitoring group, US State Department spokesperson Heather Nauret said: “There’s a plenary session that’s planned for that.” “This is basically the international…

India financing terrorist outfits in Afghanistan, says FO spokesman

ISLAMABAD: Foreign Office Spokesperson Nafees Zakaria on Saturday said India was financing terrorist organizations in Afghanistan to carry out terrorist activities in Pakistan. “On one side India is financing terrorist organizations in Afghanistan to carry out terrorist activities in Pakistan and on the other side it is targeting civilian population along Line of Control and Working Boundary,” he said. Nafees said that any expanded Indian role in Afghanistan will not be in the interest of the region. Read More: Hamid…

Pakistan’s public debt crosses Rs. 18 trillion mark

ISLAMABAD:  Pakistan’s public debt mark increased by 35 percent as it crossed over Rs. 18 trillion figure during the current tenure of Pakistan Muslim League-Nawaz (PML-N). According to Finance Ministry's report, the debt -- borrowed from local banks in the past three years -- increased from Rs. 8.68 trillion since the end of 2013 to Rs. 12.14 trillion at the end of FY 2016-2017. Foreign debts also increased from Rs. 4.79 trillion in 2013 to Rs. 6.14 trillion in September 2016- increased by 28 percent. The ministry…