Afghanistan will receive a disbursement amount worth $6.2 million under the Extended Credit Facility (ECF), the International Monetary Fund (IMF) announced on Saturday.
The IMF Executive Board completed the fourth review of Afghanistan’s economic program. The latest disbursement will bring total disbursements to about $31.2 million.
The three-year ECF arrangement for SDR 32.38 million (or 10 percent of Afghanistan’s quota at the time of approval of the arrangement) was green-lighted on in July 2016.
A statement from IMF said the Executive Board also approved Kabul’s request to extend the arrangement to end-December 2019 and modify performance criteria on net international reserves and net credit to government.
The extension ensures uninterrupted engagement with the Fund through the election year and provides time for the completion of the sixth review and implementation of additional reforms.
The poor security situation, election-related political uncertainty and a severe drought are undermining confidence and growth. However, program implementation was satisfactory despite the challenging environment, the statement added.
