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Govt Lost $125m Aid Over Financial Strategy Failure: SAO

In 2016 an amount of $224 million had been allocated for ten benchmarks, but the institutions managed to implement only five.

The government has lost $125m in World Bank aid due to its failure to implement certain standards and financial strategies in the custom sectors, the Supreme Audit Office (SAO) said on Wednesday said.

According to SAO, the World Bank had recommended that Afghan government implement standards and financial strategies in the custom sectors aimed at providing better services. In response to the commitment, the World Bank would have committed some money in incentives to Afghan government.

The Ministry of Finance (MoF) has said that Afghanistan still has enough time to deliver on its commitment to the recommendations offered by the World Bank until end of 2018.

“In 2016 an amount of $224 million had been allocated for at least ten benchmarks, but the institutions managed to implement only five and the money came to the government treasury,” said Sayed Mohammad Mahdi Hussaini, professional deputy of the Supreme Audit Office.

Based on SAO, last year the World Bank had made ten recommendations to the Afghan government which included implementing some new standards and strategies in the financial and customs sectors.

“We have not lost even a single dollar. The money will be transferred to the Afghan government treasury in line with the reform commitment and is spent for the improvement of lives of the people of Afghanistan,” said finance ministry spokesman Ajmal Hamid Abdul Rahimzai.

According to ministry of finance, the World Bank, within the framework of a three year plan which ends in 2018, has committed to provide $900 million in aid to Afghanistan in exchange for implementing a number of financial and custom strategies.

From the total amount, so far Afghanistan has received $550 million.

Business

Govt Lost $125m Aid Over Financial Strategy Failure: SAO

In 2016 an amount of $224 million had been allocated for ten benchmarks, but the institutions managed to implement only five.

Thumbnail

The government has lost $125m in World Bank aid due to its failure to implement certain standards and financial strategies in the custom sectors, the Supreme Audit Office (SAO) said on Wednesday said.

According to SAO, the World Bank had recommended that Afghan government implement standards and financial strategies in the custom sectors aimed at providing better services. In response to the commitment, the World Bank would have committed some money in incentives to Afghan government.

The Ministry of Finance (MoF) has said that Afghanistan still has enough time to deliver on its commitment to the recommendations offered by the World Bank until end of 2018.

“In 2016 an amount of $224 million had been allocated for at least ten benchmarks, but the institutions managed to implement only five and the money came to the government treasury,” said Sayed Mohammad Mahdi Hussaini, professional deputy of the Supreme Audit Office.

Based on SAO, last year the World Bank had made ten recommendations to the Afghan government which included implementing some new standards and strategies in the financial and customs sectors.

“We have not lost even a single dollar. The money will be transferred to the Afghan government treasury in line with the reform commitment and is spent for the improvement of lives of the people of Afghanistan,” said finance ministry spokesman Ajmal Hamid Abdul Rahimzai.

According to ministry of finance, the World Bank, within the framework of a three year plan which ends in 2018, has committed to provide $900 million in aid to Afghanistan in exchange for implementing a number of financial and custom strategies.

From the total amount, so far Afghanistan has received $550 million.

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