The World Bank has approved 400 million dollars of financial aid to help Afghanistan’s economy and mitigate risks compounded by the COVID-19 crisis, the World Bank said on Thursday.
The World Bank’s Country Director for Afghanistan, Mr Henry Kerali, said in a statement on Thursday that the assistance would help the government “to manage revenue shortfalls arising from coronavirus impacts.”
Afghanistan has a shaky economy after nearly four decades of war and crisis.
According to the Ministry of Finance, the country’s current national budget includes 449 billion Afghanis (around 5.9 billion dollars). About 60 per cent of the budget is financed by international donors.
There are millions of dollars in grants to the Afghan security forces that are not part of the national budget.
In addition to security and political uncertainties, border closures due to the global pandemic and high rate of poverty have caused major challenges to Afghanistan, the World Bank statement explains further.