{
  "title": "Islamic State of Afghanistan: First Review Under the Staff-Monitored Program",
  "publication": "IMF Staff Country Reports, November 18, 2004",
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  "summary": "This paper assesses the First Review Under the Staff-Monitored Program (SMP) for Afghanistan. The authorities have met all of the indicative quantitative targets set out under the SMP and all the structural benchmarks, except the benchmark on licensing of commercial banks, which was only partly met owing to the opposition of the shareholders of Export Promotion Bank to its merger with three other state-owned banks. The IMF staff views the authorities’ performance in the first quarter as a notable achievement.",
  "publishDate": "2004-11-18",
  "series": "IMF Staff Country Reports",
  "sections": [
    {
      "heading": "Executive summary",
      "content": "- The paper assesses the First Review Under the Staff-Monitored Program (SMP) for Afghanistan.\n- The authorities have met all of the indicative quantitative targets set out under the SMP.\n- The authorities have met all structural benchmarks except one: the benchmark on licensing of commercial banks was only partly met owing to the opposition of the shareholders of Export Promotion Bank to its merger with three other state-owned banks.\n- The IMF staff views the authorities’ performance in the first quarter as a notable achievement."
    },
    {
      "heading": "Key findings",
      "content": "- Indicative quantitative targets: all met.\n- Structural benchmarks: all met except:\n  - Licensing of commercial banks: partly met due to opposition by shareholders of Export Promotion Bank to its merger with three other state-owned banks.\n- Staff assessment: performance in the first quarter characterized as a notable achievement."
    },
    {
      "heading": "Subjects and keywords",
      "content": "- Subject: Banking, Budget planning and preparation, Currencies, Exchange rates, Expenditure, Foreign exchange, Money, Public financial management (PFM)\n- Keywords: balance of payments, benchmark interest rate, Budget planning and preparation, central bank, CR, credit market, Currencies, Exchange rates, first quarter, fund staff estimate, ISCR, Middle East, monetary policy, operating budget, price pressure, private sector, successor SMP, target level, unallocated expenditure\n\nInternational Monetary Fund. \"Islamic State of Afghanistan: First Review Under the Staff-Monitored Program\", IMF Staff Country Reports 2004, 364 (2004).\n\n---\n\n Content in this bundle\n\n- Cr04364\n  - Cr04364 (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/cr/issues/2016/12/31/islamic-state-of-afghanistan-first-review-under-the-staff-monitored-program-17844"
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    "Published: November 18, 2004",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781451800180.002",
    "The paper assesses the First Review Under the Staff-Monitored Program (SMP) for Afghanistan.",
    "The authorities have met all of the indicative quantitative targets set out under the SMP.",
    "The authorities have met all structural benchmarks except one: the benchmark on licensing of commercial banks was only partly met owing to the opposition of the shareholders of Export Promotion Bank to its merger with three other state-owned banks.",
    "The IMF staff views the authorities’ performance in the first quarter as a notable achievement.",
    "Indicative quantitative targets: all met.",
    "Structural benchmarks: all met except:",
    "Staff assessment: performance in the first quarter characterized as a notable achievement.",
    "Subject: Banking, Budget planning and preparation, Currencies, Exchange rates, Expenditure, Foreign exchange, Money, Public financial management (PFM)",
    "Keywords: balance of payments, benchmark interest rate, Budget planning and preparation, central bank, CR, credit market, Currencies, Exchange rates, first quarter, fund staff estimate, ISCR, Middle East, monetary policy, operating budget, price pressure, private sector, successor SMP, target level, unallocated expenditure",
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