IMF pays USD 18.2 million to Afghanistan

by Wadsam | July 1, 2012 4:07 am

[1]Following Afghanistan’s progress in its reforms, International Monetary Funding (IMF) agrees to pay USD 18.2 million to Afghanistan.

The money was disbursed under the approval of Extended Credit Facility Arrangement after reviewing Afghanistan’s economic progress.

“In a very difficult environment, Afghanistan has begun a transition toward greater macroeconomic stability and economic self-reliance,” said IMF press release.

Afghanistan’s efforts towards achieving economic stability included drafting a law for the introduction of a value-added tax in 2014, preparing a strategy to fight economic crimes and strengthening the central bank’s capitalization framework.

The government’s struggle to recover unauthorized loans taken out of Kabul was also taken into consideration for the provision of the aid.

The funding was suspended two years ago due to poor economic management – including the mismanagement of the controversial Kabul Bank, corruption and bad loans.

Endnotes:
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