Islamic Republic of Afghanistan: 2007 Article IV Consultation and Third Review Under the Three-Year Arrangement Under the Poverty Reduction and Growth Facility, and Request for Waiver of Performance Criterion: Staff Report; Staff Statement; Public In

2007 Article IV Consultation and Third Review Under the Three-Year Arrangement Under the Poverty Reduction and Growth Facility, and Request for Waiver of Performance Criterion: Staff Report; Staff Statement; Public Information Notice and Press Release on the Executive Board Discussion; and Statement by the Executive Director for Islamic Republic of Afghanistan

Volume/Issue: Volume 2008 Issue 076

Publication date: February 2008

ISBN: 9781451800371

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Topics covered in this book

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Banks and Banking , Public Finance , Business and Economics - Statistics , Public Policy - Social Services and Welfare , ISCR , CR , authority , operating budget , government , financing , revenue shortfall , managed float regime , ANDS document preparation , operating budget envelope , PRGF loan , Budget planning and preparation , Balance of payments statistics , Bank supervision , Financial statistics , Global , Middle East

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Summary

Afghanistan has made substantial progress toward macroeconomic stability, but structural reforms need to be accelerated. The uncertainty affecting the fiscal outlook warrants a prudent expenditure policy. Monetary policy has been instrumental in reducing inflation and safeguarding external stability, but it needs to be strengthened. The government should resist pressures for expanding its role in the economy and focus on fostering competition and improving economic governance. The current exchange rate level appears in line with fundamentals. The government should increase its efforts to improve Afghanistan’s statistical database.