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Afghanistan Still Witness Lack of Financial, Accounting Systems: ACCI

(Last Updated On: April 6, 2017)

CaptureAfghanistan Chamber of Commerce and Industry (ACCI) officials say one of the greatest obstacles along the way of developing business in Afghanistan is lack of a standard and credible financial and accounting system.

The head of ACCI while speaking in a presser told reporters that such system which enables government to raise its accountability and transparency would further develop the country’s business climate.

“During the past 17 years, we have seen a number of businesses bankrupt due to lack of a standard financial system,” Atiquallah Nasrat, ACCI chief said.

Based on ACCI, having a proper financial system would allow enterprises to receive loans from banks which would save them from early bankruptcy.

But, officials in Afghan ministry of finance say in many cases the merchants themselves avoid using news system.

“Businesses are being done by traditional methods in Afghanistan and resistance has denied the business to use news, up-to-date methods which are more effective and would further enhance their dealing capacity,” Wali Noori, MOF chief policy said.

The government trying to implement academic and standard financial system. The CEO office says the government has provided more than 1300 scholarships for training accountants with latest financial system methods.

“Yet recruiting professional accountants and finance officers is not obligatory for private enterprises, but after the new upcoming amendments in the law, such recruitments would become an obligation,” Mustafa Mastoor, CEO economic adviser told the summit.

Based on the information of ACCI, a roughly 70 percent of small business owners which are being denied from bank loans are those who haven’t transparent financial balance and cannot fulfill bank’s requirements.

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