International Current Affairs - 2019
Latest International Current Affairs 2019 with news summaries and current events in International developments, geopolitical, organizations, groupings and fora related updates for India and world with all important national news updates and events for the year 2019.
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The International Olympic Committee (IOC) has suspended all discussions with India regarding hosting of global sporting events in the backdrop of denial of visas to the two Pakistani Shooters. The Pakistani shooters were supposed to participate in the 25m rapid fire pistol event in the ISSF World Cup.
Contents of the IOC statement
- IOC notes that the Indian government authorities have failed to grant an entry visa for the Pakistani delegation to participate in the ISSF World Cup which was a qualification competition for the Tokyo Olympic Games to be held in 2020.
- Keeping in mind the interests of other 500 athletes from 61 countries participating in other events of ISSF World Cup, the IOC has withdrawn the recognition of the 25m rapid fire pistol event and not the whole World Cup.
- Denial of visa for Pakistani shooters is against the Fundamental Principles of the Olympic Charter.
- As a result, IOC Executive Board has decided to suspend all discussions with India regarding the potential applications for hosting future sports and Olympic-related events until clear written guarantees are obtained from the Indian government to ensure the entry of all participants in compliance with the rules of the Olympic Charter
The tensions due to Pulwama Terrorist Attack and the alleged role of Pakistan based groups behind the attack has deteriorated the bilateral relations. This is having a spillover effect on the arena of sports. There are also demands for withdrawing the Indian team from the match against Pakistan in the cricket world cup.
The Financial Action Task Force (FATF) condemning the Pulwama Terror Attack has decided to continue the ‘Grey’ listing of Pakistan for its failure to stop funding of terrorist groups such as Jaish-e-Mohammad, Lashkar-e-Taiba and Jamat-ud-Dawa.
Why FATF has decided to continue Pakistan in Grey List?
- The statement issued by FATF states that Pakistan should continue to work on implementing its action plan to address its strategic deficiencies, including by adequately demonstrating its proper understanding of the terror financing risks posed by the terrorist groups and conducting supervision on a risk-sensitive basis.
- FATF notes that even though Pakistan has revised its terror financing risk assessment, it does not reflect proper understanding of the TF risks posed by Da’esh (ISIS), AL-Qaida, JuD (Jamat-ud-Dawa), FIF (Falah-e-Insaniat Foundation), LeT (Lashkar-e-Taiba), JeM (Jaish-e-Mohammad), HQN (Haqqani Network) and persons affiliated with the Taliban.
- Noting the limited progress on action plan items due in January 2019, FATF urged Pakistan to swiftly complete its action plan, particularly those with timelines of May 2019.
How the Grey Listing would impact Pakistan?
- Grey list will endanger Pakistan’s handful of remaining banking links to the outside world. This would cause real financial pain to the fragile economy of Pakistan.
- Grey listing will squeeze Pakistan’s economy and make it harder to meet its mounting foreign financing needs, including potential future borrowings from the International Monetary Fund (IMF).
- Grey listing would also lead to the downgrading of Pakistan’s debt ratings by international banking and credit rating agencies, making it more difficult to tap funds from international bond markets.
- It will also suspend international funds and aid to Pakistan such as Coalition Support Funds (CSF), money which the US owes to Pakistan for military operations.
Grey Listing will also lessen investors confidence in Pakistan and impacts its imports and exports, widening its existing huge current account deficit (CAD).
Tags: current account deficit • FATF • Financial Action Task Force • Grey List • International Monetary Fund • Jaish-e-Mohammad • Jamat-ud-Dawa. • Lashkar-e-Taiba • Pakistan • Pulwama terrorist attack • terror financing risk assessment