Code 54116
PublishDate: Wednesday, November 7, 2012 14:52

No major crisis after 2014

In order to reduce dependency on foreign assistance, the minister suggested Afghanistan

Minister of Finance Hazrat Omer Zakhilwal said Afghanistan, despite the fact 95 percent of its economy is reliant on foreign aid, would face no major financial crisis after 2014. 

Zakhilwal said some political elements in the country and a number of foreign media outlets were trying to paint a grossly negative picture of post-2014 Afghanistan.

Without naming anyone, the minister said some quarters were worried without any reason that the security situation would worsen and an economic disaster would follow the departure of NATO-led troops. "But we have no such concerns."

Rejecting the apprehensions as groundless and far from genuine, Zakhilwal said the international community had reiterated its commitment at the Chicago Summit and Tokyo Conference to continue aiding Afghanistan beyond 2014.

He promised: "Greater attention will be paid to infrastructure development, boosting the private sector and exploiting the country’s agricultural and human resource potential. Developing villages, making a judicious use of natural resources and Afghanistan’s geographic location will help us stand on our own feet and reduce our reliance on foreign."

In order to reduce dependency on foreign assistance, the minister suggested Afghanistan should enhance domestic revenue and strike a balance between its expenditure and income.

"Good governance should be prioritised to attain economic stability and strengthen people’s confidence in their government. It will be possible only with the delivery of reliable services and enhanced government capacity, as well as institutional reform," he concluded.

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