The Executive Board of the International Monetary Fund (IMF) after its fourth review called Afghan Government’s economic and financial reforms successful and extended the ECF program until the end of FY-1398, officials said on Monday.
Acting Finance Minister Mohammad Humayon Qayoumi and Governor of Da Afghanistan Bank Khalil Sediq, announced the result of IMF fourth review of Afghanistan Economic and Financial Reforms through a joint press conference in Government Media and Information Center (GMIC).
“I am very pleased that, despite the challenges drought and security, Afghan Government has managed to fulfill its reform programs and commitments,” he added.
“Successfully completing each review, Afghanistan will be able to receive $6.2 million from the fund. After completing the fourth review Afghanistan has managed to receive $24.8 million to date,” Qayoumi stated.
“Considering current situation, International Monetary Fund (IMF) praises for Afghanistan efforts in the areas of maintaining economic stability and inflation at lower level, increased currency reserves and strengthened financial system of the country is a great success to the Afghan Government,” said Mr. Khalil Sediq, Governor of Da Afghanistan Bank while appreciating the timely completion of Afghan Commitments.
“According to the IMF report, despite the remarkable reduction in the regional countries’ currency value, the nominal value of Afghan currency declined by 9% which is the lowest among them. The lower decrease in Afghan Currency value compared to significant decrease of other countries in the region led to lower inflation of Afghanistan in the neighboring countries,” Mr. Sediq added.
It is worth mentioning that, during IMF fourth review, indictors of domestic revenue collection, reform in national budget preparation, maintaining financial stability and economic growth, inflation rate, national currency reserves, anti-corruption efforts and financial system has been evaluated.
