Islamic State of Afghanistan: First Review Under the Staff-Monitored Program

Author: International Monetary Fund

Volume/Issue: Volume 2004 Issue 364

Publication date: November 2004

ISBN: 9781451800180

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Topics covered in this book

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Banks and Banking , Money and Monetary Policy , Public Finance , ISCR , CR , monetary policy , balance of payments , first quarter , central bank , fund staff estimate , operating budget , price pressure , benchmark interest rate , credit market , successor SMP , unallocated expenditure , private sector , target level , Currencies , Exchange rates , Budget planning and preparation , Middle East

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Summary

This paper assesses the First Review Under the Staff-Monitored Program (SMP) for Afghanistan. The authorities have met all of the indicative quantitative targets set out under the SMP and all the structural benchmarks, except the benchmark on licensing of commercial banks, which was only partly met owing to the opposition of the shareholders of Export Promotion Bank to its merger with three other state-owned banks. The IMF staff views the authorities’ performance in the first quarter as a notable achievement.