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International Monetary Fund

This paper discusses key findings of the Fifth Review for Afghanistan under the Poverty Reduction and Growth Facility (PRGF). Performance under the PRGF-supported program has been mixed. Monetary and financial policies were broadly consistent with the program. However, difficulties were evident in reforming public enterprises and in the fiscal area. The economic program for 2009/10 envisages a prudent monetary policy to ensure fast disinflation, fiscal adjustment anchored on remedial measures to increase revenues and contain spending, and closer monitoring of public enterprises that pose fiscal risks.

International Monetary Fund

Abstract

The IMF, an international organization of currently 185 member countries, was established in 1946 to promote international monetary cooperation, exchange stability, and orderly exchange arrangements; to provide temporary financial assistance to countries with balance of payments difficulties; and to foster sustainable economic growth. To achieve these objectives, the IMF carries out three types of operational activities: surveillance, financial assistance, and technical assistance.

International Monetary Fund
Afghanistan has made important achievements in recent years. The 2011 Article IV Consultation highlights that authorities have taken steps to lay the foundation for economic stability and growth, despite a very difficult security situation and the challenges associated with building political and economic institutions. Directors agreed that the Extended Credit Facility (ECF)-supported program, accompanied by a technical assistance agenda, provides an appropriate framework for addressing the considerable challenges lying ahead and a basis for continued engagement with the donor community.
International Monetary Fund. Statistics Dept.
This Technical Assistance paper assesses Islamic Republic of Afghanistan government’s finance statistics (GFS). The mission updated the AFMIS bridge tables to enable producing Budgetary Central Government data according to the GFSM 2014 classifications including the economic (object) and functional classifications, reviewed government debt compilation, assisted developing bridge tables for extrabudgetary units, and provided hands-on training for GFS compilers in compiling the data for the general government. Despite good outcomes, the capacity for GFS compilation remains slim and securing support of the management remains critical for both maintaining the current achievements and further improving the government financial data consistent with the GFSM 2014 methodology. Afghanistan has made good steps toward further improving GFS and starting to provide supplementary accrual information, while there have been issues with the quality of the source data. The mission suggests that a GFS Technical Working Group should be set up to coordinate the GFS reforms, address the issues in applying the GFSM 2014 methodology, and advise the Ministry of Finance management on important matters requiring attention.
International Monetary Fund
This paper discusses key findings of the Fourth Review Under the Poverty Reduction and Growth Facility (PRGF) for Afghanistan and a Request for Waiver of Performance Criterion. Program performance during the second half of 2007/08 fell short of expectations. The performance criterion on fiscal revenue was missed, and the authorities fell behind on several program commitments. For 2008/09, real GDP growth is projected to moderate to 7.5 percent and inflation to decelerate to 15½ percent by year’s end.
International Monetary Fund
This paper discusses key findings of the Fifth Review for Afghanistan under the Poverty Reduction and Growth Facility (PRGF). Performance under the PRGF-supported program has been mixed. Monetary and financial policies were broadly consistent with the program. However, difficulties were evident in reforming public enterprises and in the fiscal area. The economic program for 2009/10 envisages a prudent monetary policy to ensure fast disinflation, fiscal adjustment anchored on remedial measures to increase revenues and contain spending, and closer monitoring of public enterprises that pose fiscal risks.
International Monetary Fund
Afghanistan has made substantial progress toward macroeconomic stability, but structural reforms need to be accelerated. The uncertainty affecting the fiscal outlook warrants a prudent expenditure policy. Monetary policy has been instrumental in reducing inflation and safeguarding external stability, but it needs to be strengthened. The government should resist pressures for expanding its role in the economy and focus on fostering competition and improving economic governance. The current exchange rate level appears in line with fundamentals. The government should increase its efforts to improve Afghanistan’s statistical database.
International Monetary Fund. Middle East and Central Asia Dept.
This paper discusses Afghanistan’s Third Review Under the Extended Credit Facility (ECF) Arrangement and Request for Modification of Performance Criteria (PCs). Program implementation through end-December 2017 was satisfactory, despite the challenging security situation and mounting political risks. All quantitative PCs and eight of the nine structural benchmarks were met. The end-April 2018 benchmark related to asset declarations by public officials was implemented with a short delay. The IMF staff supports the completion of the third review under the ECF arrangement and the authorities’ request for a modification of three PCs for June 2018.
International Monetary Fund. Statistics Dept.
A technical assistance (TA) mission on external sector statistics (ESS) was conducted in Beirut, Lebanon, during March 12–22, 2018, for the Da Afghanistan Bank (DAB).1 The mission took place at the request of the DAB and with strong support of the IMF’s Middle East and Central Asia Department. This mission is part of the Middle East Regional Technical Assistance Center (METAC) work program. The main objectives of the mission were to assist the DAB in improving the quality of the balance of payments and International Investment Position (IIP) by suggesting improvements in the statistical techniques and promoting the use of adequate source data. The main focus of the mission was on filling data gaps by developing new estimation methods based on existing and new data sources.