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India finance secretary defends 4.1 pct fiscal deficit target

India's top finance ministry official said that plans announced in this week's budget to stick to a fiscal deficit target of 4.1 percent of GDP are "very credible", despite criticism from ratings agencies that the number is optimistic. Prime Minister Narendra Modi, who took office in May, on Thursday unveiled a budget that focused on attracting investment rather than reining in spending, in order to balance ...

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Market Blast Kills Two In Somali Capital

At least two people have been killed and seven wounded when a bomb ripped through a busy market in the Somali capital, a government official said. It is not clear who carried out Monday's attack but in the past similar explosions in Mogadishu have been claimed by al-Shabab fighters. The group had previously vowed to wage a series of attacks during Ramadan, the Muslim fasting month which started on Sunday. O ...

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More Pakistan Flights Halted Following Peshawar Attack

Qatar Airways has joined Emirates and Etihad in suspending flights to the Pakistani city of Peshawar following a deadly attack on an aircraft at the city’s airport last week. The Pakistan International Airlines flight was fired on as it landed last Tuesday, killing a passenger on board. Although police arrested dozens of people following the incident, they are said not to have full control of areas around t ...

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India Attracts $38 Billion Overseas Investment In Quarter To March

India has attracted $37.8 billion foreign investment the last leg of United Progressive Alliance government between January and March as investors pumped in dollars in anticipation of a stable government. The strong dollar inflows through the portfolio route has also helped the local currency to appreciate and contribute to the rise. Data released by Reserve Bank of India showed that $16.1 billion came in a ...

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Work On Time-Consuming Projects Halted

KABUL: The Ministry of Finance on Monday said budget deficit has forced them to stop construction work on some time-consuming development projects. In 2014, the ministry faced with 21 billion afghanis budget shortfall, Finance Ministry Spokesman Abdul Qadir Jilani told Pajhwok Afghan News. He said the operating budget for the current year, as originally projected by the ministry was about 280 billion afghan ...

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Next Afghan President to Tackle Ailing Economy

More than three decades of continued conflict in Afghanistan has taken a toll politically, socially and psychologically. But the greatest damage may have been inflicted on the country’s economy. By 2001, agricultural production had been disrupted, local manufacturing had come to a halt, and basic infrastructure was destroyed largely because of the Taliban government. Since 2001 and the U.S.-led invasion, th ...

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Indian President Lays Out New Economic Agenda

India's new government will pursue an economic reform agenda that foresees introducing a general sales tax, encouraging foreign investment and speeding approvals for major business projects, the president has told parliament. Pranab Mukherjee also said on Monday the new government would engage energetically with its neighbours, including China. Prime Minister Narendra Modi's government will "urgently pursue ...

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MPs again fail to pass anti-money laundering law

KABUL: The Wolesi Jirga failed for a second day in a row on Monday to pass the much-delayed anti-money laundering law due to incomplete quorum, raising concerns among some lawmakers. The Justice Ministry last month presented before the lower house the draft anti-money laundering law in 10 chapters and 70 articles, urging lawmakers to pass the measure as soon as possible in order to save Afghanistan banks fr ...

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Decision on Money Laundering Law Wednesday

KABUL: Wolesi Jirga Speaker Abdul Rauf Ibrahimi on Sunday ruled the lower house would take a decision on the proposed anti-money laundering and terrorist financing laws on Wednesday. On Wednesday last, some lawmakers said the anti-money laundering bill could not be approved within days and called for summoning the government officials, who delayed sending the measure to the assembly for three years. The law ...

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President Karzai declares support for Afghan banks

President Hamid Karzai conferred on the challenges facing the Afghan banks at a meeting attended by concerned ministers, chairman of the Central Bank and heads of the private banks. The meeting came after China announced halting financial transactions with Afghan commercial banks. President Karzai declared support for the Afghan banks and reassured that the Afghan government remained committed in strengthen ...

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Afghan Lower House to vote on Anti-Money Laundering Law next week

The Afghan Lower House committees will vote on the Anti-Money Laundering and Financing Terrorism Prevention Laws next Wednesday. After approval from the Lower House, the Laws would be submitted to the Senate to decide whether or not to send it on to President Hamid Karzai for ratification or send it back to the Lower House for further amendments. The passing of the Law has become a top priority of the Parli ...

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Paying Billions of Dollars in Bribe

Integrity Watch Afghanistan released a shocking report that says Afghans have paid $2 billion in bribes during past twelve months. According to the report, Afghanistan’s judiciary is the most corrupt government institution while police is the second. The report added that level of corruption in education and health sectors are respectively in third and fourth. The executive chairman of Integrity Watch Afgha ...

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Afghanistan’s Hidden Gems

It's reckoned that as much as 60 percent of Afghanistan’s gross domestic product has been generated from the presence of foreign troops over the past decade - either directly through military spending in the country, or because of the billions of dollars of aid and investment that followed in its wake. As recently as 2011, around 45 percent of the government's core budget - money for wages and running costs ...

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EU invests in cross-border trade and transit – and improves regional security

As part of EU's € 8 million Border Management Northern Afghanistan Project, EU Special representative and Head of the EU Delegation to Afghanistan, Ambassador Franz-Michael Mellbin, on Thursday handed over a newly constructed Border Crossing Point to the Afghan Border Police. The event took place near the town of Djomarji Bolo in Badakhshan Province, on the Tajikistan-Afghanistan border. Handing over the fa ...

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Abe Gets Counsel from Nobel Economist

Three weeks before Japan increased its sales-tax for the first time in 17 years, Prime Minister Shinzo Abe turned to Nobel laureate Robert Shiller to try to restore a vital ingredient of his economic revolution: Optimism. Abe met the Yale University professor in Tokyo on March 10 to discuss how to reverse what the Japanese leader calls the “shrunken mindset” entrenched in the country after two decades of ec ...

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Facebook to Open Sales Office in China, why is it Important?

  Facebook recently stated that it has initiated the process of opening up a sales office in China, the world’s second largest economy, in order to grow its presence in the local advertising market. Chinese market hasn’t been very open and receptive to foreign companies traditionally, and Facebook will need to navigate through a host of challenges before it can materially tap the potential. Despite har ...

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Before China’s Transformation, There was the “Spanish Miracle”

  The post-World War II world was full of “economic miracles.” After a cataclysmic war, formerly fascist societies quickly rebuilt themselves as liberal democracies. A decade after enduring firebombing and two nuclear attacks, newly democratic Japan had raised national production back to prewar levels. Germany and Italy had similar success, and all three now rank among the largest economies in the worl ...

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Indonesia Installs Top Businessman As Economic Chief Minister

JAKARTA, Indonesian President Susilo Bambang Yudhoyono on Monday officially installed one of the richest men in the country, Chairul Tanjung, as coordinating minister for economy at the State Palace. Tanjung replaces Hatta Rajasa who resigned last week for competing the July presidential polls, as running mate of presidential candidate Prabowo Subianto from the Indonesian Great Movement Party. Tanjung, 51, ...

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Pakistan Wants to Boost Trade with Afghanistan

  KABUL: Pakistan has indicated an interest in building a motorway and railway lines from Peshawar to Jalalabad and Chaman to Spin Boldak, a news report said on Monday. Pakistan’s Ambassador to Afghanistan Syed Abrar Hussain also stressed the need for enhancing bilateral trade from $2.4 billion to $5 billion, according to the news agency APP. At a meeting with members of the Pak-Afghan Joint Chambers o ...

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All Set for 4G System Launch: Sangin

The Ministry of Communications and Information Technology (MCIT) on Sunday said they would soon launch the fourth generation (4G) mobile telecommunication technology system in the country soon, an official said. Speaking at a ceremony marking the world telecommunications day in Kabul, Eng. Amirzai Sangin said Afghanistan was among the world’s backward countries, with inadequate telecom infrastructure. He bi ...

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