Da Afghanistan Bank Completes ECF with IMF

Da Afghanistan Bank has successfully implemented the Extended Credit Facility (ECF) program with meeting further requirements and achieving the goals and will complete it by the end of November 2019.

DAB delegation chaired by first deputy and acting Governor of Da Afghanistan Bank Mr. Wahidullah Nosher and IMF team chaired by Christoph Dunwald participated in the sixth meeting between Government of Afghanistan and IMF that was held on 3-18 October in Dubai.

During the meeting, economic situation and its prospects, banking sector, inflation rate, exchange rate, monetary indicators and net international reserves level were discussed.

Besides achieving banking sector objectives, DAB has managed to successfully attain its quantitative target. In the period under review, inflation rate was low, exchange rate enjoyed relative stability despite domestic and regional challenges, monetary indicators (money reserves and currency in circulation) were below the ceiling, yet net currency reserves was not only above target, but in its highest level in 18 years.

IMF delegation praised DAB’s efforts towards ECF and assessed as successful its performances in fulfilling the requirements and achieving the objectives amid troubled and challenging conditions in Afghanistan and revealed to declare their official standpoint via website following consultation with executive board.

It is expected that IMF’s executive board will discuss on issue in December 2019 and grant an amount of SDR 5.38 million equivalents to USD 7.4 million that make up a total amount of SDR 32.38 million equivalents to USD 44.4 million.