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Afghan government approves fiscal budget for year 1397

The 1397 fiscal year budget was approved in principle during a meeting of the cabinet of ministers under the chairmanship of President Mohammad Ashraf Ghani. The budget consists of 357,691,493,000 Afghanis for the development and ordinary expenditures of the government

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Does Afghanistan really want entrepreneurs?

by Akbar Borran Afghanistan has targeted a transformation period between 2015 to 2024 to achieve self-sufficiency. The economy is heavily dependent on development aid and economy of war. This is not sustainable and can shrink or collapse at any time.

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Afghan government signs $482.3mn grant with World Bank to fight poverty

The Afghanistan’s Ministry of Finance today signed a financing package of $482.3 million in grants with the World Bank to help the country through a difficult phase in its struggle to end poverty. It signals a long-term commitment by both

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Implementation of provincial budget policy kicks off in 4 ministries

The implementation of provincial budget policy has kicked off in ministries of agriculture, irrigation, public health, education and rural rehabilitation and development. Addressing a conference on the provincial budgeting policy in Kabul on Tuesday, Finance Deputy Minister Shafiq Ahmad Qarizada

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MoUs signed to facilitate Afghanistan’s trade

A number of Memorandum of Understandings (MoU) have been signed between the Export Promotion Agency of Afghanistan (EPAA), Afghanistan International Bank (AIB) and Afghan Rural Finance Company (ARFC) to facilitate trade and businesses in Afghanistan. The MoUs will enhance Afghan

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Afghan Finance Ministry receives aid to pay public employees’ salaries

The United States Agency for International Development (USAID) pledged USD 75mn in aid to Afghan government to pay the salaries of public employees. This comes as the Afghan treasury faced a major budget shortfall and called on donor countries for

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$50 Million Grant to Boost Economic Growth and Fiscal Sustainability in Afghanistan

The World Bank today approved a US$50 million grant, through International Development Association (IDA), to help Afghan Government reinforce legal, regulatory and institutional reforms. The Development Policy Programmatic Series: “Promoting Economic Growth and Fiscal Sustainability”, which is a series of two

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Afghanistan’s Movable Collateral Registry ranks first

Afghanistan’s new, fully electronic Collateral Registry has been ranked first by the World Bank among other Middle Eastern and North African nations for fulfilling all the requirements and meeting international standards. A secured transaction is a credit transaction in which

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Afghanistan's Movable Collateral Registry ranks first

Afghanistan’s new, fully electronic Collateral Registry has been ranked first by the World Bank among other Middle Eastern and North African nations for fulfilling all the requirements and meeting international standards. A secured transaction is a credit transaction in which

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World Bank grants USD 100mn to finance Afghanistan’s health program

A US$100 million Grant, to finance the Afghanistan System Enhancement for Health Action in Transition (SEHAT) Program, was signed today between the Ministry of Finance and the World Bank. The World Bank’s International Development Association (IDA) Grant aims to help

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Takhar revenue increases by 47mn AFN

Standing at 197mn AFN, the revenue of Takhar province has increased by 47mn AFN last Afghan calendar year (1391) that ended on March 21, 2013. In 1390, the revenue was 150mn AFN. The officials have linked the jump in revenue

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Will Afghanistan receive loans in the future?

A number of economic pundits have expressed concerns about the inability of the Afghan government to repay its debts which can hinder development of the country, as the country will not be trusted by lenders in the future. Sayed Masoud,

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Corruption at the Afghan government level on the rise

The Independent Joint Anti-Corruption Monitoring and Evaluation Committee (MEC) said graft at the government level has increased, with most of it stemming from the national sources of income, mainly customs. This indicated the lack of commitment from the government towards

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Afghan government revenue goes up

The Ministry of Finance’s General Revenues Department reported an increase in the government revenue for the first nine months of the current fiscal year (22 March 2012-21 March 2013). The revenue is currently standing at 11bn AFN, equivalent to USD

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Ministry of Finance yet to decide on tax relief for Afghan containers

The Cabinet Economic Committee has decided to wave off tax on the 3,000 Afghan containers that were stopped at the Karachi Port for three months that inflicted millions of dollars of losses on the traders. The Finance Ministry has not

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Central Bank sells US dollars to Afghan money exchangers

According to the money exchangers at Sarai Shehzada, the Afghanistan Central Bank (Da Afghanistan Bank) sold USD 2,400,000 to the money exchangers at an exchange rate of between 51.921- 51.94 today, Tuesday, 5th of February. This comes after the Central

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Wolesi Jirga approves next year’s budget

The Afghan House of Representatives has finally approved the budget for the next fiscal year after several rejections from the House. The Ministry of Finance had to revise the draft budget after the rejection to ensure more precise allocations for

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Finance ministry generates USD 1.5bn revenue in 9 months

The Ministry of Finance has reported revenue of USD 1.5bn generated from direct and indirect taxes, sale and rent of land, buildings and customs during the first nine months of the current afghan calendar year. Ministry’s spokesman, Wahidullah Tawhidi, link

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Construction of residential buildings on agricultural lands causing grave concerns to the Ministry of Agriculture

Officials from the Ministry of Agriculture, Irrigation and Livestock said that seizing of lands and erecting residential buildings on them are causing irreparable damage to the country’s agriculture. Speaking at a conference on distribution of agricultural lands and implementation of

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New bill designed to encourage investment in Afghanistan

Afghan Ministry of Finance has drafted a bill incorporating financial incentives aimed at increasing investment in Afghanistan in the next two years. Investors are concerned about the security situation and the country’s future post 2014. Experts believe that concerns over

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Finance Ministry to amend the draft budget after rejection from the Parliament

According to spokesman Wahid Tawhidi, the Ministry of Finance is working to amend the draft budget that was rejected by the House of Representatives last week. “We are working on the budget and will see if we can make more

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House of Representatives rejects the draft budget

The Wolesi Jirga or the House of the Representatives rejected the draft budget amid complaints that the approval process was always inordinately delayed, creating hurdles to optimum utilization of funds. After the Senate’s approval of the budget, Finance Minister Omar

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Proposed budget presented to the House of Representatives

After the Senate’s approval of the budget, Finance Minister Omar Zakhilwal presented the draft budget for the next fiscal year, beginning on 21 December, to Wolesi Jirga or the House of the Representatives. Minister Zakhilwal explained that 70% of the

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House of Representatives rejects the proposed development budget for next year

Reduction in the development budget has been a major issue for implementation of development projects in the country. Some of the House Representatives rejected the budget proposed to them on Wednesday and said the reason for reduction in the development

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Afghan budget for next year presented to the Senate

The draft for next year’s budget, with a total outlay of 366.2bn AFN, was submitted to the Senate for debate on Tuesday. According to the Constitution, the state budget and development plan of the government are submitted through the Meshrano

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