Islamic Republic of Afghanistan: Fifth Review Under the Staff-Monitored Program and Request for an Extension

IMF Staff Country Reports, October 14, 2005

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Canonical URL: Islamic Republic of Afghanistan: Fifth Review Under the Staff-Monitored Program and Request for an Extension

The paper discusses the Fifth Review Under the Staff-Monitored Program (SMP) for Afghanistan.
The authorities met all the end-June 2005 indicative quantitative targets and structural benchmarks under the SMP.
Economic developments were broadly in line with the program projections made at the time of the fourth review.
The growth estimate for 2004/05 was adjusted slightly upward, to 8 percent, to account for a more buoyant manufacturing sector.
Economic activity during the first quarter of 2005/06 appears to be consistent with the 14 percent growth projection for the year.

Compliance:
- Met all end-June 2005 indicative quantitative targets.
- Met all end-June 2005 structural benchmarks.
Growth estimates:
- 2004/05 growth estimate adjusted to 8 percent.
- 2005/06 projected growth for the year: 14 percent; first-quarter activity appears consistent with this projection.
Alignment with previous projections:
- Economic developments broadly in line with projections from the fourth review.

Subjects: Balance of payments; Budget planning and preparation; Currencies; Current account deficits; Expenditure; Financial institutions; Money; Public financial management (PFM); State-owned banks.
Keywords: Budget planning and preparation; CR; Currencies; current account; Current account deficits; foreign exchange; government financing strategy; government ministry; government program classification; ISCR; operating budget; renewed commitment; State-owned banks; U.S. dollar.

_cr05371 — Executive Summary and Key Findings
- _cr05371 — Executive Summary and Key Findings (Markdown version)
- _cr05371 — Executive Summary and Key Findings (PDF)