Afghanistan should manage debts responsibly: ADB

Samuel Tumiwa, country director of ADB, said that Afghanistan needs debts for economic development.
He, however, warned that the progress made in the past 18 years would be affected if the debts are not paid back in due time.
Afghan Finance Ministry is expected to take out a loan of $8.7 billion from global and regional financial institutions including ADB to implement first phase of its economic plan.
Tumiwa suggested that the loan should be provided not at once but as the projects are implemented one by one.
Private sector’s investment in the government’s economic plan is estimated $3 million.
Khan Jan Alokozay, deputy CEO of Chamber of Commerce, said that the investors are ready to invest on large projects due to insecurity and corruption.
Shamroz Khan Masjidi, a spokesman for Finance Ministry, also said that no financial institution has so far moved to give loans and that efforts are underway to secure long-term loans from major institutions including banks.
The government’s economic plan covers mostly agriculture, energy and housing.