Afghanistan Peace Campaignofficials in the Ministry of Economy said that the Ministry has short-term and long-term plans for economic growth and reducing the rate of economic inflation.
In its latest report, the World Bank said that inflation experienced a significant downturn in January 2024, reaching -10.2% on a year-on-year basis.
The Afghanistan Economic Monitor report also said that the inflation rate in January 2024 has decreased in Afghanistan due to the delayed consumer purchases, reduced business investment, and stalled economic growth in Afghanistan.
According to the report, this inflation was due to the “sharp decline” in the price of food items by -15.1% and non-food items by -4.8%.
However, officials in the Ministry of Economy said that the Ministry has short-term and long-term plans for economic growth and reducing the rate of economic inflation.
“Climate changes and droughts have affected the agriculture sector and social security to some extent. We prioritize dealing with climate change and livelihood transformation through creating work opportunities in different sectors,” said Abdul Rahmad Habib, the spokesman of the Ministry of Economy.
”Afghanistan’s exports contracted by 5 percent YoY to $140.5 million in January 2024, down from $148 million,” the report said.
According to the report, Afghanistan’s imports increased by 37% this month, reaching $830 million from $600 million in January 2023.
“In the current year, one of the reasons for the decrease in exports is due to the blocking of the country’s ports, such as Torkham and Spin Boldak … the decrease in the export of mineral items also caused problems,” said Mirwais Hotak, head of the Executive Board of the Chamber of Commerce and Investment.
The World Bank has also said that the value of the Afghani has been stable in the last eighteen months due to global aid amounting to nearly $2 billion, but in January 2024, the value of the Afghani has also decreased against major world currencies.
“Over the eleven-month span of FY2024, from March 22, 2023, to February 21, 2024, Afghanistan’s revenue collection reached AFN 189 billion, narrowly missing the target by 2 percent but marking a 5.6 percent increase from the previous fiscal year,” the report reads.