Business
ADB’s governors approve ADB’s financial statements
The Board of Governors of the Asian Development Bank approved ADB’s financial statements in its first-ever virtual Annual Meeting.
ADB on its official website wrote that its Board of Governors had approved ADB’s financial statements and the allocation of its 2019 net income in the Annual Meeting today.
The annual meeting took place through video conferencing (VTC) Friday amid the COVID19 pandemic.
In his remarks to the meeting, ADB President Masatsugu Asakawa said, “Our immediate priority is to provide vital support to developing member countries as they confront the COVID19 pandemic and return their economies to a path of sustainable growth,”
“Your approval today of the financial statements and allocation of net income ensure that we have the tools and financial stability to address the enormous challenges that now affect the lives and economies of millions of people across our region,” he added.
The Chair of the Board of Governors said, “Our choices and efforts today will determine whether we can overcome the current health care and economic crises.”
He added, “The ADB should turn this crisis into an opportunity while enhancing knowledge sharing on COVID-19 policy responses and expanding support for low-income countries and vulnerable groups.”
The Board of Governors adopted a resolution to allocate $1.069 billion of net income from ADB’s 2019 ordinary capital resources.
The allocable net income will be distributed as follows:
- $615.7 million to support ADB’s capital adequacy to generate net income,
- $259.5 million to the Asian Development Fund, which provides grants to ADB’s low-income member countries,
- $130 million to the Technical Assistance Special Fund, which includes support to respond to the COVID19 pandemic,
- $30 million to the Regional Cooperation and Integration Fund,
- $24 million to the Climate Change Fund, and
- $10 million to the Asia Pacific Disaster Response Fund.
ADB is actively supporting its members as they address the effects of COVID-19 through its $20 billion response package announced on 13 April.
The Ministry of Commerce and Industry said Thursday it has signed cooperation agreements with ten institutions to support the development of small and medium-sized enterprises.
Nooruddin Azizi, Acting Minister of Commerce and Industry, said: “In the implementation of projects, we must pay special attention to our activities and actions and try to make useful use of the projects according to the requirements and benefit the beneficiaries.”
These ten institutions are to present their projects, the total value of which is around over $1.1 million. The projects will be carried out in Kabul, Baghlan, Ghor, Herat, Logar, Nangarhar, Balkh, Badakhshan and Jawzjan provinces and provide direct jobs for about 1,000.
To date, the ministry has signed MoUs for 72 projects in total, collectively valued at about $53.6 million.
These agreements have been signed with domestic and foreign companies for the establishment of small and medium-sized businesses.
In accordance with the principles and laws of the Islamic Emirate and prioritizing the implementation of projects for immigrants and returnees and internally displaced people, the ministry said 635,865 people will benefit through jobs directly and over 4.3 million will benefit indirectly in 25 provinces once these projects are implemented.
The National Statistics and Information Authority (NSIA) confirmed Tuesday that in the last month of solar year 1402, (March 2024) Afghanistan’s exports totaled $141.1 million and imports totaled $789.6 million.
This was down from $174 million for exports in the same period in 1401. However, imports increased by $99.2 million in 1402, up from $690.4 million.
Most exports in the last month of 1402 went to Pakistan, India and the United Arab Emirates, while in the last month of 1401 exports went to Pakistan, India and China.
The Ministry of Interior said the governor of Herat province Islam Jar met with Alim Khan Yasin Gildaye, Ambassador of Kazakhstan to Afghanistan, to discuss various issues around trade.
According to the ministry, the two sides discussed the expansion of trade facilities, increasing the volume of trade exchanges between traders of the two countries, reducing customs tariffs, solving the challenges of traders and issuing visas to them.
The Afghanistan-Kazakhstan Chamber of Commerce has been opened in Herat in order to facilitate and increase trade between the two countries.
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