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One-third of revenue spent on security; WB concerned

One-third of revenue spent on security; WB concerned

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Mar 18, 2015 - 22:33

KABULinfo-icon (Pajhwok): The Worldinfo-icon Bank on Wednesday said Afghanistaninfo-icon spent one-third of its annual revenues on domestic security, voicing its concern at the current level of spending.

Bob Sam, the bank’s country director for Afghanistan, expressed this concern at a meeting with Chief Executive Officer Abdullah Abdullah in Kabul, a statement from the CEO’s office said.

Sam said Afghanistan’s revenue had declined by $500 million last year and it seemed the situation would persist for some more time. He said Afghanistan spent each year one-third of its income on security, which he said was a matter of concern because no other country in the world did so.

According to the Ministry of Finance, Afghanistan’s last solar yearinfo-icon’s revenue stood at $1.9 billion (109.4 billion Afs).

The World Bank official said they were ready to extend multilateral financial assistance to Afghanistan and revealed that the International Monetary Fund (IMF) had prepared a new strategy, which once implemented would streamline and expedite giving salaries to Afghan government servants.

Sam said Afghanistan was a suitable place for foreign investment, but investors had some reservations which needed to be addressed.

The Afghanistan Investment Support Agency (AISA) has reported a 35 percent decline in investment last year. AISA deputy head Mohammad Ibrahim on Wednesday told Pajhwok Afghan News $450 million were invested in Afghanistan this solar year that ends on Saturday against $700 million last year.

ma/mud

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