International Monetary Fund (IMF) Commends Afghanistan Steps toward Economic and Financial Reforms at Its fourth Review

Dec 10, 2018: H.E. Dr. Mohammad Humayon Qayoumi, Acting Minister of Finance and Chief Advisor on Infrastructure to H.E. the President, and Mr. Khalil Sediq, Governor of Da Afghanistan Bank announced the result of IMF 4th review of Afghanistan Economic and Financial Reforms through a joint press conference in Government Media and Information Center (GMIC).

After evaluating the Commitments, in the fourth review, the Executive Board of IMF called Afghan Government’s economic and financial reforms successful and has extended the ECF program until the end of FY-1398,” said Dr. Qayoumi, Acting Minister of Finance while welcoming the extension of the program

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 USD from the fund. After completing the fourth review Afghanistan has managed to receive 24.8 million USD to date,” Minister 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.