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Afghanistan share of SDR in IMF has reached to $323 million

Afghanistan share of SDR in IMF has reached to $323 million

May 14, 2016 - 20:15

 

KABUL (Pajhwok): Afghanistaninfo-icon share of SDR (Special Drawing Right) in IMF has reached to $323 million, nearly doubled comparing to previous years.

Da Afghanistan Bank (DAB) governor, Khalilullah Siddique, told a press conference that as a result of the increment in the SDR, the government would be enabled to get more loans from IMF in case of need.

According the DAB officials “in according with the rules and regulations of the IMF, members countries which could meet the conditions, can access to Extended Credit Facility (ECF) and can get minimum 75 percent and maximum 225 percent credits. The principle is general for all, so Afghanistan could also access to the IMF credits by fulfilling the conditions. But currently, Afghan government has no need to get the loans right now due to the assistances of international community and treasures resources of money.”

Siddique said that a joint meeting of the IMF and Afghan officials would be conducted in the next week and would discuss on the framework and need of Afghanistan. Currently, Afghan government has no plan for getting credit from the IMF, but it would think on the plan how much credit to get from the people.

Over the past one year, the Afghan government achieved all macroeconomic goals such as controlling inflation, increasing revenue and saving monitory treasures.

No problems could be seen in the country’s banking system and there were specific laws which could be enforced on banks, he said.

“Inflation in March of this year was 3.20 percent which is acceptable. We are in a situation in which such inflation rate is not a matter of concern. In addition to that, we have more than $ 7.4 billion in reserves equal to eight months imports,” he said.

The economic growth rate in the past year was 0.9 percent while the growth rate in the current year was expected to be two percent, he said, calling it good in the face of security and economic problems facing the country.

"The Afghan authorities recently requested a Fund financial arrangement (Extended Credit Facility—ECF)… IMF management welcomes this request, and discussions on the new arrangement are slated to begin in May 2016," the organization said in a statement.

On Friday, the IMF completed its review of the situation in Afghanistan. The fund said that its Staff-Monitored Program (SMP), tasked with addressing the country’s financial vulnerabilities and preserving its stability, was completed successfully.

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