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Britain poised to resume bankrolling Afghan government

The Kabul Bank scandal became emblematic of the rampant corruption which plagues the country. Diplomats accused shareholders of using the bank as "their own personal ATM" and operating a "vast looting scheme".

The bank held salaries for hundreds of thousands of Afghanistan's soldiers, police and civil servants and needed a bail-out to survive.

The IMF demanded prosecutions, greater regulatory oversight and attempts to claw back the bad loans in return for maintaining its programme in Afghanistan.

Earlier this year Britain said it would hold back payments until the IMF restored its backing.

Andrew Mitchell, the international development secretary, welcomed Tuesday's decision, but said: "the fight to tackle corruption does not end here".

"I urge the Government of Afghanistan to continue with this programme of reforms. The UK will continue to support the Government's efforts and help to provide a brighter future for all Afghans," he said.

Politically-connected borrowers creamed off more than £500 million from Kabul Bank before it imploded in September 2010.

Tracing and recovering the bad loans has proven nearly impossible, with many taken out in false names, with little paperwork. Many of the loans were lost on poor property deals at the height of Dubai's property bubble.

Financial investigators have faced death threats and even threats of prosecution. The Afghan ministry of finance last month estimated only £44 million had been recovered and £69 million of assets had been seized.

Criminal investigations against the bank's top two executives are under way, though they have been released from custody to help investigators.

Mahmoud Karzai, brother of the president, and Haseen Fahim, brother of the vice president, were both significant shareholders but have been cleared of any wrongdoing.

Housing costs, plunging incomes make ... - Payday Loans UK

Far too many young adults know too little to handle daily money matters – let alone the longer-term planning they should be doing, Ironside says.

“We’re putting our entire future at risk because of this lack of financial literacy,” he says.

Richmond, B.C., resident Josie Hung, 22, works diligently to manage the financial side of her life. From her $13-an-hour job as a pastry chef, Hung makes mortgage payments, handles household expenses, sets aside money for property taxes and saves for travel.

She and her mom pooled $200,000 to buy a condo two years ago and have a $30, 000 mortgage.

Hung describes herself as the financially responsible member of this mother- daughter duo.

She lives frugally, taking public transit and avoiding expensive clothes.

The 18-to-34-year-old age group is beset with the harshest financial challenges of all British Columbians, according to a poll conducted by Ipsos Reid for The Province.

In measure after measure of financial savvy and execution, the 18-to-34year- olds rank dead last.

Which age group in B.C. has the worst record for controlling spending? Fifty- four per cent of 18-to-34-year-olds say they are fair, poor or very poor at keeping a lid on purchases, according to the poll.

Sixty-three per cent of 18-to-34-year-olds, the largest chunk of any age group, are so burdened by debt and expenses they’re only able to save occasionally, or not at all. Forty-eight per cent reel from high debt levels, more than any other age group in B.C., the poll shows.

Fifty-three per cent – again, the largest group – call unexpected costs the greatest threat to their financial security.

The poll of 1,376 adult British Columbians was done between Aug. 22 and 29 and has a margin of error of plus or minus 2.7 percentage points, 19 times out of 20.

Hung never leaves an unpaid balance on her credit card.

“I’m a careful spender,” she says. “I’m always aware of how much money I have and where it’s going.

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