Pakistan has entered into term sheets with 18 commercial banks for an Islamic finance facility amounting to PKR1.275tn ($4.5bn) to assist in alleviating the growing debt within its power sector, as reported by Reuters.

The financing will address unpaid bills and subsidies that have severely constrained the industry and impacted economic stability.

The banks involved in the financing facility are Meezan Bank, HBL, the National Bank of Pakistan and UBL.

The government, which holds ownership or control over much of the country’s power infrastructure, faces a liquidity crisis that has stifled supply chains, deterred investment opportunities and intensified fiscal burdens.

This issue remains a central concern under Pakistan’s ongoing $7bn International Monetary Fund (IMF) programme.

Efforts to bridge the financial void have met challenges due to limited budgetary leeway and high-cost legacy debts complicating resolution endeavours.

The newly structured facility benefits from a concessional rate based on three-month KIBOR – the benchmark rate banks use to price loans – minus 0.9%. These terms have been endorsed by the IMF.

Existing liabilities incur higher costs, including surcharges for late payments imposed on independent power producers at rates up to KIBOR plus 4.5%, alongside older loans marginally exceeding benchmark rates.

To repay the loan, the government plans to allocate PKR323bn annually towards loan amortisation, maintaining a ceiling of PKR1.938tn over six years.

Power Minister Awais Leghari stated: “It will be repaid in 24 quarterly instalments over six years and will not add to public debt.”

The financing agreement is in line with Pakistan’s broader objective to phase out interest-based banking by 2028, as Islamic finance presently represents approximately one-quarter of total banking assets in the nation.

In December 2024, ADB approved a loan of $200m loan to upgrade Pakistan’s power distribution infrastructure.

The initiative seeks to improve the efficiency of distribution companies and guarantee the reliable supply of electricity.

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Two bills that would have altered the state’s campaign finance laws on political parties and donations died in the Alabama Legislature this year.

House Bill 6, sponsored by Rep. Phillip Pettus, R-Killen, would have prohibited political parties from disqualifying candidates who accept campaign contributions from specific organizations.

“They should not have a say in where you take your money from,” Pettus said in a phone interview. “What it boils down to, they want to control the money. That is the political party. They want all the money to come from them, and they divvy it out.”

The Alabama Republican Party in 2023 adopted a rule prohibiting the party’s candidates for superintendent or school board from accepting campaign contributions from the Alabama Education Association, an organization representing educators in the state.

According to Pettus, the Republican Party had planned to extend the rule to disqualify people who accept campaign contributions from the teachers’ union to legislators but has since changed its position.

“I still have the bill,” Pettus said. “I am waiting to see if they try to extend it to legislators. If they do, then the bill will be ready to go again.”

“The state party is glad that the Legislature did not take action on HB 6,” said John Wahl, chair of the Alabama Republican Party. “There have been multiple court rulings over the years that have said the parties have the authority to associate with who them want under the First Amendment. I believe this bill would have violated the Party’s First Amendment rights and constitutional rights, and we are pleased the bill did not make it out of committee.”

The Alabama Democratic Party has no rule or regulation similar to what the Alabama Republican Party has imposed.

“It sounds like the Alabama Republican Party has some internal divisions they need to deal with,” said Tabitha Isner, vice chair of the Alabama Democratic Party. “I don’t see why the state legislature should be making laws about how parties decide who can and cannot represent them on the ballot.”

Pettus received $56,500 in direct contributions and $5,000 from in-kind donations from Alabama Voice of Teachers for Education since 2018, the political action committee for the state’s educators.

Pettus said prior to the start of the 2025 session that his constituents should decide whether a candidate should accept money from a political party, adding that he represents his constituents and not the Alabama GOP.

The bill was assigned to the House Constitution, Campaigns and Elections Committee but was not considered for the session. The same committee also did not consider the bill in 2024 when it was filed then.

The Alabama Legislature also failed to pass Senate Bill 291 into law, sponsored by Sen. Sam Givhan, R-Huntsville, which would have allowed a political party to transfer funds to local or other affiliated party organizations currently prohibited by law.

The state has banned political action committees from transferring money to each other since 2010. Givhan’s bill would have added language allowing political parties to transfer money to local county organizations and affiliated entities.

“Those of us who support the bill, while we don’t want to unwind the PAC to PAC transfer ban, we didn’t feel like that was the intention of where a state party couldn’t share with a county party of a group that was affiliated with its bylaws,” Givhan said in an interview.

Political parties are closely related to political action committees in the state, entities that are not required to disclose their donors, who can then use the proceeds to fund campaigns to support candidates or causes.

“This year, I got with Sen. (Bobby) Singleton, (D-Greensboro), and he co sponsored it with me,” Givhan said. “It went through committee very quickly and just never went anywhere.”

One benefit of the legislation is that it would allow a political party to have a joint program with another political party.

“If a county party and a state party want to partner, if you will, on a project, the current law makes it difficult to do that,” Givhan said.

The Alabama Democratic Party supports the bill.

“The point of the prohibition on PAC to PAC transfers is to increase transparency and reduce the shell game that hides who is really funding what,” Isner said. “The unintended consequence of that law was that it doesn’t allow local party groups to collaborate with each other or with the state party. Cleaning up this law so that it does only what it intended to do is a smart move that both parties should support.”

Read more at AlabamaReflector.com.

Americans fell victim to $12.5 billion in fraud losses last year, according to the Federal Trade Commission. That represents a startling 25% increase over a year ago. The FBI estimates the losses are even larger, over $16 billion. So, what explains the sharp increase, considering that most consumers are far more attuned to cybercrimes? Like so many other questions, the answer is artificial intelligence.

Forget the Nigerian Prince scam (although that tired, old routine still separated Americans from nearly $1 million last year). And gone are the days when phishing emails screamed “bogus” thanks to typos and bad translations. Artificial intelligence has entered the arena and is assisting criminals in producing ever more believable and compelling appeals. It is getting nearly impossible to spot a fake, so it becomes even more essential to question everything that comes to you unsolicited.

Here are a few examples of state-of-the-art tactics, thanks to generative artificial intelligence.

Enhanced phishing attacks. Phishing attacks involving unsolicited emails or text messages attempt to convince the recipient to provide personal information that can then be used to hack into bank accounts or steal identities. The crooks can now run a draft of their handiwork through applications like ChatGPT to clean up grammar and spelling but also to scour your social media to personalize the message and make it more conversational and therefore more credible.

Deepfakes. This is a general term describing ultra realistic reproductions of documents, voices or even video messages. A common tactic is producing identification documents like driver’s licenses, birth certificates or title papers that can be used to steal your identity. These phony papers often include realistic elements like watermarks or other AI-generated images that convey legitimacy.

It is now simple for a criminal to clone the voice of a familiar person or even a family member. Victims may be persuaded to send money or grant account access, especially if they believe their friend or loved one is under duress and needs help.

Well-made deepfake videos are now becoming nearly impossible to recognize and are proliferating wildly. They may mimic celebrity endorsers or even replicate a family member to spread misinformation or direct the victim to a fake website. Romance scams are particularly insidious, especially among the senior population, and the scale of the technology allows the attacker to carry on multiple “romances” simultaneously.

Endless variety. Schemes pop up faster than law enforcement can track them. One recent caper involves stealing someone’s identity, enrolling in an online college course using their name and pocketing some of the student loan funds. In some cases, AI chatbots even submitted homework and took exams to maintain the ruse, and some legitimate students have been crowded out of classes because the chatbots filled the seats. And the cyber crime arms race is just heating up.

What to do if you believe you have been victimized. If you suspect that you have been targeted by an internet scammer, it is essential that you report the incident. Security experts believe that most victims fail to report the crime, often out of fear or embarrassment.

Begin by filing an online report with the Federal Trade Commission at ReportFraud.gov. The commission will log your case and provide you with a list of next steps to take to pursue a recovery and to reduce your chances of being scammed again.

If the scam involves your bank account or credit cards, contact the financial institution to notify them of the loss. You may need to close your old accounts and open new ones. Also remember that you are not responsible for fraud losses on credit cards if you report the event promptly.

Ironically, but hardly surprisingly, scammers are impersonating the Federal Trade Commission itself. Note that the FTC will never threaten you or suggest that you transfer or withdraw funds.

You should also report the details to the Internet Crime Complaint Center, known as IC3. This is a central repository run by the FBI that compiles data that is used by law enforcement agencies to investigate cybercrimes, and your input is valuable.

If the attack involved identity theft or if you believe the attacker obtained some of your personal information, visit IdentityTheft.gov (another Federal Trade Commission resource) to report your case and obtain information on how to reclaim control of your information.

Take steps now to reduce your risk. The internet, email and text messaging are places where you should trust no one. Never respond to unsolicited offers, requests or threats. If you are concerned about ignoring potentially valid communications, look up the contact information separately and reach out directly to the company or agency to confirm the communication.

Always use multi-factor identification, like a validation text (preferred) or email to complete a sign in process. Never give your passwords to anyone and be sure to use a unique password for every website you sign into. Many if not most people fail this one. There are also very user friendly applications called password keepers that will track your disparate login information for you.

Finally, it is well worth the effort to initiate a credit freeze with the three major credit reporting bureaus, Experian, Transunion and Equifax. This will block any attempts to access your file and can easily be lifted if you need to apply for credit.

Cyber criminals are constantly innovating, and the old days of clumsy, easily spotted phishing scams are long over. Artificial intelligence has made scams harder to detect and call for even greater vigilance.

Christopher A. Hopkins, CFA, is a co-founder of Apogee Wealth Partners in Chattanooga.