Tuesday, 7 March 2017

International Monetary Fund to give Afghanistan £6,000,000 under ECF

Satisfied with the Afghan government’s progress on reforms, the International Monetary Fund has hinted at the release of £6m to the cash-strapped country. According to the Public Finance International, the first review of a three-year extended credit facility (ECF) was held in Dubai between 23 February and 4 March. An IMF staff team and Afghani authorities had reached an agreement, it said. The $6.1 million amount, once approved by the IMF management and the executive board, will be paid to the country. Under the ECF) arrangement, the Afghan government has pledged introducing fiscal and financial reforms and anti-corruption measures. These reforms seek encouraging greater private sector development. IMF team leader Mr. Christoph Duenwald acknowledged Kabul’s performance against the ECF’s reform objectives had been satisfactory and he commended authorities for prudent macroeconomic management. "Afghanistan continues to face daunting challenges, with the perilous security situation hurting confidence and growth, while an influx of returning Afghan refugees from neighboring countries is compounding these challenges,” he said. In a statement, Duenwald said: “As demonstrated by the successful Brussels and Warsaw meetings last year, the international community continues to stand by Afghanistan providing it with much needed development, security, and technical assistance support.”

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