Business
IMF, Afghanistan reach preliminary agreement over Extended Credit Facility

The International Monetary Fund (IMF) and the Afghanistan authorities have reached a preliminary agreement on an economic reform program to be supported by a new three-and-half year US$364 million Extended Credit Facility (ECF).
This announcement comes just three months before the United Nations’ donor pledging conference for Afghanistan gets underway.
In a statement issued by the IMF on Friday, the fund said the ECF will help mitigate the economic impact of the Covid-19 pandemic, maintain macroeconomic stability, and underpin reforms for economic resilience and good governance.
The fund also stated that continued financial assistance from international partners is critical to support objectives of Afghanistan’s National Peace and Development Framework for 2021-25, including inclusive growth, poverty reduction, and self-reliance.
Leading the IMF’s team was Azim Sadikov, and virtual discussions were held with Afghan officials through July and August on the country’s economic reform program.
Sadikov said however that the agreement is subject to the approval of the IMF’s Executive Board, which would possibly consider the agreement in October after preliminary conditions have been met by Afghan authorities, including the improvement of accountability and transparency in procurement processes.
“The new ECF arrangement will support authorities’ reform program to maintain macroeconomic stability and lay the ground for a sustained post-pandemic economic recovery while continuing to advance structural reforms,” Sadikov said.
He said the reform program aims to gradually reverse the fiscal decline due to the pandemic and instead create space for development sending while increasing self-reliance.
He stated improvements in customs collections and revenue administration need to be improved and the planned Value Added Tax (VAT) process needs to be implemented in 2022.
“Monetary policy will continue to focus on maintaining price stability and a flexible exchange rate regime, while fostering confidence in the Afghani,” Sadikov said.
He also said that reforms, in accordance with the new ECF arrangement, will focus on addressing issues that hamper economic growth and resilience.
“To that end, the program will aim to improve fiscal governance, strengthen the anti-corruption regime, and bolster the financial sector,” he said.
“Bolstering the financial sector, including by completing the reform of state-owned banks, will also be important to boost its capacity to contribute to growth.
“Coming before the November pledging conference, the ECF arrangement is expected to catalyze donor financing, which is critical to support Afghanistan’s reform and development objectives under the multi-year National Peace and Development Framework,” he said.
The pledging conference is organized every four years and was last held in 2016 in Brussels.
This year, Finland will host the conference, which will be organized by both the UN and Afghanistan.
Previous international financial commitments largely end by December of this year.
Business
Afghanistan business sector eager to attend Kazan Halal Expo and Forum in Russia
The forum will run from May 13 to 18 and will bring together experts from Russian regions; OIC member states; and other countries

The Ministry of Industry and Commerce has confirmed that Afghanistan will participate in the XVI (16th) International Economic Forum ‘Russia — Islamic World: Kazan’ and the Kazan Halal Expo in Russia this year.
The forum will run from May 13 to 18 and will bring together experts from Russian regions; the Organization of Islamic Cooperation (OIC) member states; and other countries to discuss various topics during the 120 sessions planned.
The expo meanwhile will showcase thousands of goods from around the world that meet Halal standards.
Abdul Salam Javad Akhundzada, the ministry’s spokesman, said Sunday that Minister of Industry and Commerce Nooruddin Azizi has stated that Afghanistan is ready to participate in the event and showcase Afghan products.
According to Akhundzada, Azizi has discussed the event with members of the private sector who are eager to participate.
The expo, which is held annually alongside the forum, is Russia’s largest trading platform for Muslims.
Russia’s President Vladimir Putin said in a statement on the forum and expo recently that “Russia values its traditionally friendly ties with Muslim countries. We highly appreciate their desire to pursue an independent foreign policy and increase their role in international affairs.
“Together, we stand for the formation of a democratic multipolar world order, based on the rule of law and principles of justice, free from any form of dictatorship and discrimination.
“Of course, we are also committed to expanding mutually beneficial cooperation in all areas, from trade and investment to sports and tourism,” he said.
Putin went on to say “I believe that the work of the forum will be meaningful and constructive as always and will be held in a spirit of openness and trust. It will serve to further promote the friendship and creative partnership between our countries and peoples.”
The forum will bring together experts from Russian regions, the Organization of Islamic Cooperation (OIC) member states, and other countries to discuss:
Business
Iran exports non-oil goods worth over $2 billion to Afghanistan in 11 months
Afghanistan was Iran’s fifth top export destination between March last year and February this year

Iran exported non-oil commodities worth $2.2 billion to Afghanistan during the 11-month period from March 20, 2024 to February 18, 2025, the head of Iran Customs Administration (IRICA) said.
Foroud Asgari said Afghanistan was Iran’s fifth top export destination in the mentioned 11-month period, Tehran Times reported Sunday.
In the past year, Afghanistan and Iran have forged closer trade ties. In February, the governors of both central banks met on the sidelines of a banking technology summit in Yekaterinburg, Russia, where they discussed strengthening monetary and banking cooperation.
Also, in October, ports and maritime officials of Iran and Afghanistan met to discuss investment opportunities for the Afghan private sector in Iran’s southeastern Chabahar Port.
Tehran Times reported that this meeting was attended by the director general of the Ports and Maritime Department of Sistan-Baluchestan Province, the governor-general of the province, some Iranian MPs, and officials of the Afghanistan Trade and Industry Ministry.
Meanwhile, in a meeting with an Iranian trade delegation in Kabul last August, Afghanistan’s interim Deputy Prime Minister Mullah Abdul Ghani Baradar Akhund said that his country is eager to attract Iranian investors in order to develop the Afghan mining industry, generate solar electricity and expand railway connectivity.
The Iranian delegation also proposed to launch a joint special industrial zone with Afghanistan.
Afghanistan supplies more than 80 percent of its market needs through imports, and imports from Iran constitute 25 percent of this amount.
The establishment of national security and the central government in Afghanistan over the past two years have improved the conditions of trade between the two countries.
Business
Trump unveils first $5 million ‘gold card’ visa

Holding a prototype that bore his face and an inscription “The Trump Card”, the Republican president told reporters that the special visa would probably be available “in less than two weeks”.
“I’m the first buyer,” he said. “Pretty exciting, huh?”
Trump previously said that sales of the new visa, a high-price version of the traditional green card, would bring in job creators and could be used to reduce the US national deficit.
The billionaire former real estate tycoon, who has made the deportation of millions of undocumented migrants a priority for his second term, said the new card would be a route to highly prized US citizenship.
He said in February that his administration hoped to sell “maybe a million” of the cards and did not rule out that Russian oligarchs may be eligible.
(AFP)
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