Islamic Republic of Afghanistan:Request for a 42-Month Arrangement Under the Extended Credit Facility-Press Release; Staff Report; and Statement by the Executive Director for the Islamic Republic of Afghanistan

Author: International Monetary Fund. Middle East and Central Asia Dept.

Request for a 42-Month Arrangement Under the Extended Credit Facility-Press Release; Staff Report; and Statement by the Executive Director for the Islamic Republic of Afghanistan

Volume/Issue: Volume 2020 Issue 300

Publication date: November 2020

ISBN: 9781513561127

$18.00

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Topics covered in this book

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Banks and Banking , Exports and Imports , Money and Monetary Policy , Public Finance , ISCR , CR , asset declaration regime , COVID emergency financing grant , anti-corruption regime , ECF arrangement , economic reform program , donor support , Afghan authorities , COVID-19 , Budget planning and preparation , Currencies , Asia and Pacific

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Summary

The COVID-19 pandemic has inflicted a heavy economic and social toll, amplifying the challenges of the armed conflict and fragility. Activity contracted sharply, and new external and fiscal financing needs emerged since the approval of the Rapid Credit Facility disbursement. President Ghani and Mr. Abdullah resolved the contested 2019 presidential election in mid-May, and peace negotiations between the government and Taliban started in September. The authorities are seeking renewed support from the international community for Afghanistan’s development and reforms. Donors remain committed but encourage reform implementation and combatting corruption. Aid is likely to decline in the medium term underscoring the need to advance to self-reliance.