International Monetary Fund Approves Credit Line for Afghanistan

By Angela H. -

Kabul, Afghanistan - The International Monetary Fund approved a three year $133.6 million loan for Afghanistan. Afghanistan has been without IMF backing for almost a year due to mismanagement at the Kabul Bank. Kabul Bank, Afghanistan’s largest private financial institution, conducted more than $800 million in fraudulent and questionable loans. IMF approved the new line of credit after Afghan improved banking oversight. As a part of the credit approval, IMF requested Afghan government to strengthen oversight and regulation of the banking sector and work to improve revenue collection. Afghanistan lawmakers also agreed to reimburse the central bank up to $825 million it cost to bail out the Kabul Bank.


Source : http://www.washingtonpost.com/world/asia-pacific/afghanistan-pleased-with-imf-decision-to-reinstate-credit-program-after-kabul-bank-crisis/2011/11/15/gIQA7yYdNN_story.html

Reliability: 9

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