The ban on opium cultivation precipitated a staggering $1.3 billion loss in farmers’ incomes, equivalent to approximately 8 percent of the country’s GDP, the World Bank said in a new report.

The bank said that over the past two fiscal years, the real GDP of Afghanistan contracted by 26 percent, and the country’s economic outlook remains uncertain, with the threat of stagnation looming large until at least 2025.

According to the report, structural deficiencies in the private sector and waning international support for essential services are anticipated to impede any semblance of economic progress.

Half of Afghanistan’s population lives in poverty and 15 million people face food insecurity, it noted.

“Afghanistan’s long-term growth prospects depend on a significant shift from its previous reliance on consumption-driven growth and international aid to a more resilient, private sector-led economy that capitalizes on the country’s strengths,” said Melinda Good, World Bank Country Director for Afghanistan.

“For a sustainable future, Afghanistan needs to address harmful gender policies, invest in health and education, and focus on the comparative advantages it has in the agricultural and extractive sectors.”

The World Bank pointed out that the increase in Afghanistan’s trade deficit is another challenge for the country’s economy. According to the bank’s report, in 2023, Afghanistan’s imports increased by 23% and reached $7.8 billion.

The Islamic Emirate of Afghanistan (IEA) announced Sunday that its delegation is attending the 15th summit of the Organization of Islamic Cooperation (OIC) in the Gambian capital Banjul.

The two-day summit of the heads of the Organization of Islamic Cooperation started on Saturday. World leaders from the 57 member countries of the OIC and beyond are expected to attend, said the OIC in a statement ahead of the summit.

The Ministry of Foreign Affairs in a statement said that its spokesman and head of the department of international organizations of the ministry are representing the IEA at the OIC summit.

The statement said that in addition to participating in the general session, the delegation will meet with high-ranking officials of the Organization of Islamic Cooperation and representatives of its member countries to discuss various issues.

Acting Foreign Minister Amir Khan Muttaqi has welcomed Turkey’s move to suspend trade with Israel over its war on Gaza.

Muttaqi expressed his appreciation during a meeting with Turkish Charge d’Affaires Cenk Unal in Kabul, the Ministry of Foreign Affairs said in a statement released Sunday.

The meeting also focused on bilateral relations, recent positive developments in Afghanistan, the visits of political and economic delegations to Afghanistan from several countries.

FM Muttaqi underlined the commencing of trade with Turkey through the Lapis Lazuli route and opening of joint exhibitions in Turkey and Afghanistan.

According to the statement, the Turkish envoy said that they are happy with the recent developments in Afghanistan, and joined efforts need to be made for the further expansion of Turkey-Afghanistan relations.

He added that in the next few days, Turkish Airlines will commence its flights to Kabul.

The two sides reiterated promoting synergy to meet the expectations of the people of the two countries, given the historical backdrops and good bilateral relations, the statement said.