Business
ADB’s governors approve ADB’s financial statements

The Board of Governors of the Asian Development Bank approved ADB’s financial statements in its first-ever virtual Annual Meeting.
ADB on its official website wrote that its Board of Governors had approved ADB’s financial statements and the allocation of its 2019 net income in the Annual Meeting today.
The annual meeting took place through video conferencing (VTC) Friday amid the COVID19 pandemic.
In his remarks to the meeting, ADB President Masatsugu Asakawa said, “Our immediate priority is to provide vital support to developing member countries as they confront the COVID19 pandemic and return their economies to a path of sustainable growth,”
“Your approval today of the financial statements and allocation of net income ensure that we have the tools and financial stability to address the enormous challenges that now affect the lives and economies of millions of people across our region,” he added.
The Chair of the Board of Governors said, “Our choices and efforts today will determine whether we can overcome the current health care and economic crises.”
He added, “The ADB should turn this crisis into an opportunity while enhancing knowledge sharing on COVID-19 policy responses and expanding support for low-income countries and vulnerable groups.”
The Board of Governors adopted a resolution to allocate $1.069 billion of net income from ADB’s 2019 ordinary capital resources.
The allocable net income will be distributed as follows:
- $615.7 million to support ADB’s capital adequacy to generate net income,
- $259.5 million to the Asian Development Fund, which provides grants to ADB’s low-income member countries,
- $130 million to the Technical Assistance Special Fund, which includes support to respond to the COVID19 pandemic,
- $30 million to the Regional Cooperation and Integration Fund,
- $24 million to the Climate Change Fund, and
- $10 million to the Asia Pacific Disaster Response Fund.
ADB is actively supporting its members as they address the effects of COVID-19 through its $20 billion response package announced on 13 April.
Business
Afghanistan’s exports total $2 billion for last solar year

The deputy minister of trade and industry said on Tuesday at a press conference that Afghanistan’s exports totaled $2 billion for the past solar year.
Presenting his financial report for the 1401 solar year, Mawlavi Qadratullah Jamal said: “For the first time, Afghanistan’s exports have reached about two billion dollars, which shows an increase of 135 percent compared to [solar year] 1400 and 166 percent compared to 1399.”
According to the deputy minister, the recent actions of the Islamic Emirate’s administrations on improving the trade balance, maintaining monetary stability, creating work opportunities and providing transparency in revenue collection are among the reasons for the growth in Afghanistan’s trade and export revenue.
“During the last year, with a total value of $925.5 million, coal, cotton, hemp, pomegranate, raisins, figs, grapes, Roman eggplant, black pine nuts and onions to Pakistan, India, Uzbekistan, Tajikistan, United Arab Emirates, China, Iran, Iraq, Turkey and Kazakhstan have been exported,” Jamal said.
Officials add that in order to standardize and increase the country’s exports, the ministry plans to establish export processing centers in five zones around the country.
Officials have also said that the necessary facilities have been provided for importing goods and that the private sector can import their goods without any problems.
The deputy minister added that in order to strengthen trade, facilitate exports and imports and expand cooperation between countries, necessary arrangements have been made with neighboring countries such as Iran, Pakistan, Russia, China, Uzbekistan, and Turkmenistan.
The officials of the ministry say that in terms of development and improvement of the industry in Afghanistan, fundamental steps have been taken, which includes growth in 50 sectors – including the iron smelting and skewer production sector, the spice sector, the soft drink production sector, the carpet sector and the printing sector.
According to the ministry, there are 51 industrial parks in the country, of which 14 industrial parks have been kept active during the last year, and efforts are underway to attract investment and reactivate all industrial parks.
According to the officials, in terms of attracting domestic and foreign investments, by providing the necessary facilities, the barriers to the investors have been removed.
Recently, a service center was established at the Kabul airport, and so far, 100 investors have received visas through this center. In addition, the ministry has created a legal and regulatory framework so that domestic and foreign investors can invest in the country with full confidence.
Also, the complex and time-consuming processes have been modified and now the private sector and entrepreneurs can receive, renew or cancel their licenses in the shortest possible time, officials said.
According to the ministry, during the last year, 5,100 licenses were distributed, 7,228 licenses were renewed and 333 licenses were canceled and 7,000 business passports were also distributed.
According to officials, during the year 1401, the amount of 341.6 million afghanis was allocated to this ministry and the amount of 15.5 million afghanis was allocated to this ministry, of which 83.3 percent of this amount was used.
Also, in 1401, a total amount of 704.48 million afghanis was collected, which shows a 43.37 percent increase compared to last year.
Business
Five countries eager to invest in lithium mines in Nuristan: officials

The Islamic Emirate officials say five countries are interested in investing in the “lithium” mining sector in Afghanistan’s Nuristan province.
Mohammad Yunus Rashid, the deputy of youth in the Ministry of Information and Culture, said that Japan, the US, China, Qatar and the United Arab Emirates are among the countries that are interested in investing in the mining sector of lithium mines in Nuristan province.
“There is a lot of interest in lithium mining at the global level, five countries have made contact with the Islamic Emirate and said that they are ready to invest in this sector,” said Rashid.
According to officials, there are high capacities for economic self-sufficiency in the country and positive changes will be made in the economic development of the country in the near future.
Economic experts meanwhile believe that if the extraction and processing of the country’s minerals are done in Afghanistan, the country can get out of the economic crisis very quickly.
“There are trillions of dollars of capacity in Afghanistan’s mines, which should be invested, the statistics should be accurate, the regions should be determined, in which areas we have what kind of mines,” said Kamaluddin Kakar, an economic expert.
In addition, members of the private sector say they are trying to invest jointly and individually with foreign investors in the mining sector. They call on the Islamic Emirate to hand over mining contracts to companies that have the ability to process in the country.
Business
Customs duties on essential food items drops by up to 70%

The Ministry of Finance said that based on the decision of the leadership of the Islamic Emirate of Afghanistan, customs duties on basic food items have dropped by between 50 and 70 percent in the last solar year.
As a result of this decision customs duties have been reduced to the value of 6.7 million afghanis this year, the ministry said.
The decision to decrease customs duties on the food items that include flour, wheat, cooking oil, rice, and sugar, was to keep the prices down on local markets.
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