IMF and Afghan Authorities Reached Staff-level Agreement on Completion of the Fifth Review under ECF Arrangement
A delegation led by Da Afghanistan Bank Governor Khalil Sediq met with IMF representatives in Dubai on 18 and 19th of March and discussed on successful completion of fifth round of extended credit facility (ECF) program.
Besides confirming the fifth review under ECF, IMF representatives talked on economic developments, especially quantitative objectives focused on strengthening of macroeconomic stability, assessment of structural reforms aimed at fostering financial and banking systems as well as strengthening of private sector, evaluation of macroeconomic indicators and variables such as inflation rate, balance of payments, economic development and FX reserves, and lauded Da Afghanistan Bank over the successful completion of fifth round of ECF program. The IMF delegation will share their review report with IMF’s executive board which upon the approval of the review, US$ 6.1 million will be paid to the government of Afghanistan as motivational fund for its actions towards financial and economic reforms.
It is important to note here that, alongside DAB delegation, a finance ministry delegation led by acting minister Prof. Humayun Qayumi and IMF’s Country Director for Afghanistan Christoph Dunnwald with accompanying delegation were also present during this meeting.