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World Bank reports 8 percent rise in Afghanistan revenue collection

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Revenue collection in Afghanistan for the first five months of the fiscal year 2023 reached 76 billion afghanis, which shows an 8 percent increase compared to the same period in the previous year, the World Bank said in a new report.

Revenue collection in the period, however, is lower than the five-monthly target by AFN 7 billion, the report said.

Customs duty and Business receipt tax accounted for 60 percent of the collection.

According to the report, for the first seven months of 2023, imports reached US$4.4 billion, marking a 32 percent increase from the same period in 2022.

While exports grew three percent in the first seven months of 2023 compared to the same period in 2022, monthly export data indicates a decline in trend since February 2023 due to a decrease in coal exports, the report said.

World Bank said that despite the widening trade deficit, Afghani has appreciated since the beginning of 2023. Between January and August 24, 2023, Afghani appreciated against the US dollar by 7.3 percent.

“In addition to unidentified external flows, the AFN’s gains partly stem from the ban on foreign currencies for domestic transactions, limited domestic money supply, higher remittances, and UN dollar shipments. In 2023, UN inflows were around US$1.12 billion,” the report said.

The report also said that since April 2023, the country has experienced deflation, likely due to improved supply, appreciating AFN, and the economy still adjusting to structurally lower aggregate demand.

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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

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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:

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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

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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.

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Trump unveils first $5 million ‘gold card’ visa

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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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