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IMF says discussions underway with Afghanistan on new loans

(Xinhua)

09:23, September 27, 2011

WASHINGTON, Sept. 26 (Xinhua) -- The Washington-based International Monetary Fund (IMF) announced Monday that it was in discussions with the Afghan authorities over a new economic program and the process has made headway.

"Afghanistan has made substantial progress on a number of actions intended to safeguard financial and economic stability, which, when completed, would serve as the basis for a new program, " Axel Schimmelpfennig, an IMF official said in a statement.

"Over the last few days, the Afghan authorities and an IMF team reached an understanding on the structural reform agenda of the Memorandum of Economic and Financial Policies that could be supported by a Fund program. This will allow an IMF mission to visit Kabul shortly to update macroeconomic projections underlying a possible program," noted the statement.

Schimmelpfennig said once the Afghan authorities complete a number of remaining actions over the coming month, the IMF's Executive Board is expected to consider the request for a new IMF- supported program.

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