Editor in Chief: Moh. Reza Huwaida Tuesday, April 13th, 2021

Afghanistan Borrows More Than 17b Afs This Fiscal Year

Afghanistan Borrows  More Than 17b Afs  This Fiscal Year

KABUL - The Afghan government has borrowed 17.4 billion afghanis from the International Monetary Fund (IMF) during the ongoing fiscal year.
According to Pajhwok Afghan News report, Afghanistan has received $1.8 billion in loans from World Bank, Islamic Development Bank, Saudi Fund, Asian Development Bank (ADB), IMF, Bulgaria, Italy, Kuwait Fund and OPEC Fund over the past 17 years.
During the period, the country repaid only $300 million.
According to Finance Ministry sources, Afghanistan currently owes the International Community $1.5 billion.
Budget deficit led to fresh borrowing:
Mohammad Rafi Taab, a spokesman for the Ministry of Finance (MoF), acknowledged to Pajhwok that the Afghan government had taken loan this year due to a budget deficit.
He added: “The MoF had projected a budget deficit of 17.4 billion afghanis in 1400 solar year, and the ministry has borrowed it from the International Monetary Fund (IMF).”
Without elaborating, he said the money had been borrowed from international foundations to meet the government expanses.
He did not provide details about the interest on the loan, but said Afghanistan was obliged to repay the loan by June 2026.
The Afghan government has borrowed a total of 1.5 billion dollars from the international countries and foundations and it was easy to repay these loans, because most of them had no interest, he explained.  (Pajhwok)