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Business & Economics
IMF pays $18.2 million to KabulBy Pajhwok Report Jun 30, 2012 - 14:52
KABUL (PAN): The International Monetary Fund (IMF) on Friday disbursed id="mce_marker"8.2 million (877 million afs) to Afghanistan after completing it first review of the country’s economic performance.
The IMF’s press release said, the organisation’s board approved the money under the Extended Credit Facility Arrangement, following Afghanistan’s progress in its reforms.
“In a very difficult environment, Afghanistan has begun a transition toward greater macroeconomic stability and economic self-reliance.
“Afghan authorities are pursuing important structural reforms. In particular, they have drafted a law for the introduction of a value-added tax in 2014, prepared a strategy to fight economic crimes and strengthened the central bank’s capitalisation framework,” added the statement.
IMF also reported on asset recovery from the cash-strapped Kabul Bank where cash recoveries have increased following a presidential decree.
The funding was suspended two years ago due to poor economic management – including the mismanagement of the controversial Kabul Bank, corruption and bad loans.