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Gov’t Failed to Provide ‘Needful’ Support for Investment in Country: CE.

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(Last Updated On: September 14, 2017)

Chief Executive Abdullah Abdullah has admitted that in some parts the government failed to provide “needful” and “timely” support for investment in the country.

Addressing a gathering on Thursday in Kabul, initiated by the Ministry Of Agriculture, Irrigation & Livestock (MAIL) to encourage and support the investment in agriculture sector, Abdullah stressed that government will make efforts to resolve the challenges facing investors in the country.

“We succeeded in the investment sector, but in some parts we did not provide needful and timely support for the investment and that is where, we have got no results,” Abdullah said.

Afghan economy have 2.2 percent growth rates in the current fiscal year which according to MAIL most of the credit goes to agriculture sector.

“We have practical plans and we work together with private sector and formers and its outcomes have been significant,” said Asadullah Zamir, the Minister of Agriculture and Livestock.

The Minister of Commerce and Industries, Humayun Rasa, who also attended the event, said that there is a need for appropriate investment environment in agriculture sector. “We consider to work in regard,” he said.

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Da Afghanistan Bank sees increase in gross reserves

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(Last Updated On: June 1, 2020)

The gross domestic product (GDP) of the central bank of Afghanistan, Da Afghanistan Bank, has reached more than $9 billion for the first time.

Officials at the bank said that although the global aid to Afghanistan has declined, they have succeeded to increase the bank’s reserves.

Economists also underline that the central bank’s efforts will lure global funds.

The bank’s authority has stated that they have, for the first time, been able to increase the GDP to over $9 billion.

According to them, last year about AFN22 billion was deposited in the government reserves through investments in foreign financial institutions.

Although the Coronavirus pandemic has devalued Afghan currency against the dollar, the authority is pushing for effective programs to keep the value of the currency afloat, they said.

Welcoming the strengthening of the gross reserves of DAB, experts say that the central bank’s efforts would attract global funds for good.

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Afghanistan to transit trade via Pakistan’s Gwadar port

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(Last Updated On: May 30, 2020)

The Afghanistan–Pakistan Transit Trade Agreement (APTTA) enables Afghanistan to transit trade through Pakistan’s Gwadar port under the OPTA agreement.

The Ministry of Industry and Commerce says that Afghanistan is trying to improve its economic relations with all neighboring countries and the region, pointing at the Pakistani port of Gwadar as the closest and cheapest transit route for Afghanistan’s trade.

In the meantime, the Pakistani Prime Minister’s senior advisor of economy, Abdul Razzaq Daud, has said that trade with Afghanistan is set to begin through the Gwadar port, starting with 16,000 tons of fertilizer to be shipped to Afghanistan.

In addition, the Afghanistan Chamber of Commerce and Investment considers the Gwadar port as less expensive than any others; however, it criticizes that the neighboring countries are not honest enough in their economic relations with Afghanistan.

On the other hand, experts point out that if Pakistan complies with international economic and transit laws, Afghan traders will be able to import and export goods via Gwadar port at lower costs.

This comes as economic relations between Afghanistan and Pakistan have been often strained due to political tensions, and the country has severally closed its ports to Afghan traders.

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Central bank to run campaign promote Afghani in western provinces

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(Last Updated On: May 26, 2020)

The government has set to launch a campaign over the use of Afghani currency instead of Iranian Rials in domestic transactions in western parts of the country.

Sharifullah Shagewal, a spokesman for the central bank of Afghanistan, Da Afghanistan Bank said that the organization has set to boost the use of Afghani currency in local markets.

Shagewal added that the replacing Iranian Rials with Afghani currency could gain Afghani value against foreign currencies.

According to reports, many provinces sharing borders with Iran use Rials for transactions.

It comes as the organization launched a campaign in the past one year just to tell people not to use foreign currencies in Nangarhar, Laghman, Kunar, Paktia, Paktika, Khost, Helmand, and Kandahar province, where public used to use Pakistani rupees in daily transactions.

Now, the De Afghanistan Back added that so far, it succeeded to prevent billions of Pakistani rupees from money circulation in the country.

Meanwhile, the central bank of Afghanistan urges the public to join the campaign by using Afghani currency instead of foreign currencies in their daily businesses.  

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