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Extensive reforms taken in 1397 FY budget, MoF officials

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Extensive reforms taken in 1397 FY budget, MoF officials
 According to the Kabul Times, the Finance Minister while speaking at the general meeting of the House provided comprehensive information on general economic situation, preparation of FY-1397 (2018) national budget, comparison of 1396 and 1397 budgets, reform in FY-1397 national budget, required principles included in 1397 budget, answers for the reasons that MPs rejected the national budget, proposed way to approve the budget for coming year, development budget expenditure of 1396, domestic revenue collection and great infrastructure projects.
According to officials from the Ministry of Finance, the total national budget for the year 1397 is 350.9 billion Afghanis, 46 percent of which (161.6 billion Afghani) comes from domestic sources and about 54 percent of that which is (189.3 billion Afghani) is funded by external sources.
The total national budget for fiscal year 1397, about 93.7 billion Afghanis are the development budget and about 267.1 billion Afghani are the ordinary budget.
The Minister of Finance emphasized that of the total ordinary budget, about 55 percent is international assistance and other 45 percent is funded by foreign sources. Similarly, of the total development budget about 28.5 billion Afghanis is from domestic sources and about 55. 2 billion Afghanis is forecasted from external sources.
According to the Ministry of Finance, the development budget for the past year was estimated at 152.4 billion Afghanis and its actual consumption is 102.6 billion Afghanis, which represents a difference of more than 50 billion Afghanis.
Meanwhile, Ministry of Finance spokesman Ajmal Abdul Rahimzai reported about spending 67 percent of the 1396 national budget, which represents more than 13 percent of increase compared to fiscal year 1395 and this ministry has managed to spend 94.65 percent of its development budget.
The spending of the country’s development budget compared to past three years shows 23 percent increase, according to the Ministry of Finance officials.
The Finance Minister at the House session also pointed over imaginary budget in the past financial years that there were projects that did not have a source of funding in the national budgets of the country.
Afghanistan’s national revenue has increased about 70 billion Afghanis in the past three years, MoF officials.
In 2014, revenues collected by the Afghan government amounted to about 99 billion Afghanis, but this year’s solar year has reached to more than 169 billion Afghanis and the Afghanistan’s GDP growth this year is forecasted at 2.6%, which is expected to reach 4.4% in 2020.
At the same time, in 2015 Afghanistan’s Gross Domestic Product (GDP) was about 1.3 percent where this figure has increased two-fold this year.
Increasing national income is one of the commitments of the government to the international community that this country seeks to improve it. Nevertheless, the Ministry of Finance has said that past F-Y nearly 170 billion Afghanis domestic income has been collected.