Business
50% of national revenue being embezzled: Officials
Afghanistan’s acting finance minister Khalid Payanda said on Thursday that 50 percent of national revenue is being embezzled due to corruption, a lack of capacity and outdated finance system.
According to Payanda, reforms will be brought to the current finance system.
This comes days after President Ashraf Ghani made the announcement the national revenue income was being lost in the system.
However, the deputy finance minister, Alam Shah Ibrahimi, said that revenue expected to be generated in this new solar year will increase against last year.
In addition to the high rate of embezzlement of national revenue, officials from the Afghanistan Chamber of Commerce and Industry said this week that the country’s export volumes fell by over 21 percent in the 1399 solar fiscal year, against the previous year.
According to reports, the total export volume for 1399 was $776 million down from just over $1 billion in 1398.
Officials attributed this to the COVID-19 pandemic and the lack of stability and security in Afghanistan.