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Cover -- CONTENTS -- CONTEXT -- RECENT DEVELOPMENTS -- OUTLOOK AND RISKS -- POLICY DISCUSSIONS -- A. Fiscal Issues -- B. Monetary and Financial Sector Policies -- C. Anti-Corruption Reforms -- D. Debt Sustainability Analysis -- FIFTH REVIEW -- FUTURE REVIEW -- OTHER ISSUES -- STAFF APPRAISAL -- BOX -- 1. Financial Sector Workshop Dubai, January 28, 2019 -- FIGURES -- 1. Real Sector -- 2. External Sector -- 3. Fiscal Sector -- 4. Monetary Sector -- 5. Banking Sector -- TABLES -- 1. Selected Economic Indicators, 2017-20 -- 2. Medium-Term Macroeconomic Framework, 2016-24 -- 3a. Central Government Budget, 2016-24 (In billions of Afghanis) -- 3b. Central Government Budget, 2016-24 (In percent of GDP) -- 4a. Central Bank Balance Sheet, 2016-24 (In billions of Afghanis) -- 4b. Central Bank Balance Sheet, 2015-19 (At program exchange rates) -- 5. Monetary Survey, 2016-24 -- 6. Balance of Payments, 2016-24 -- 7. Financial Soundness Indicators -- 8. Proposed Schedule of Reviews and Disbursements Under the ECF Arrangement -- 9. External Financing Requirement and Sources, 2016-20 -- 10. Projected Payments and Indicators of Capacity to Repay the Fund -- 11. Quantitative Performance Criteria, December 21, 2018 -- 12. Fifth Review Structural Benchmarks -- 13. Sixth Review Structural Benchmarks -- ANNEX -- I. Government Revenue Mobilization Since 2014 -- APPENDIX -- I. Letter of Intent -- Attachment I. Memorandum of Economic and Financial Policies for 2019 -- Attachment II. Technical Memorandum of Understanding.

Cover -- CONTENTS -- CONTEXT -- RECENT ECONOMIC DEVELOPMENTS -- PROGRAM PERFORMANCE -- OUTLOOK AND RISKS -- POLICY DISCUSSIONS -- A. Fostering More Responsive Monetary and Exchange Rate Policies -- B. Maintaining a Prudent Yet Growth-Friendly Fiscal Policy -- C. Strengthening Resilience in the Financial Sector -- D. Improving Social Policies, Economic Governance, and the Business Environment -- E. Safeguards and Other Program Issues -- STAFF APPRAISAL -- FIGURES -- 1. Program Scenarios, 2015-24 -- 2. Real Sector Developments, 2010-19 -- 3. External Sector Developments, 2010-19 -- 4. Fiscal Sector Developments, 2010-18 -- 5. Monetary and Financial Sector Indicators, 2010-18 -- 6. Business and Governance Indicators, 2007-19 -- TABLES -- 1. Macroeconomic Framework, 2015-24 -- 2. Balance of Payments, 2015-24 -- 3a. Central Government Operations, 2015-24 (In billions of MRO) -- 3b. Central Government Operations, 2015-24 (In percent of non-extractive GDP) -- 4. Monetary Survey, 2015-21 -- 5. Banking Soundness Indicators, 2010-18 -- 6. External Financing Requirements and Sources, 2015-21 -- 7. Capacity to Repay the Fund, 2019-33 -- 8. Access and Phasing Under the Three-Year ECF Arrangement, 2017-20 -- 9. Risk Assessment Matrix -- ANNEXES -- I. Natural Resource Revenue Management Principles in the Context of the Upcoming Gas Project -- II. Financial Inclusion in Mauritania -- APPENDIX -- I. Letter of Intent -- Attachment I. Memorandum of Economic and Financial Policies -- Attachment II. Technical Memorandum of Understanding.

Cover -- CONTENTS -- Glossary -- SUMMARY OF MISSION OUTCOMES AND PRIORITY RECOMMENDATIONS -- PRIORITY RECOMMENDATIONS -- DETAILED TECHNICAL ASSESSMENT AND RECOMMENDATIONS -- A. Action Plan -- B. Introduction -- C. Balance of Payments -- D. Debt Statistics -- E. International Investment Position -- F. Officials Met During the Mission -- TABLE -- 1. Priority recommendations -- ANNEXES -- I. Central Bank of Mauritania: Balance of Payments - Presentation as on the Central Bank Website -- II. Classification of Bank Receipts and Payments Made by Commercial Banks for the Account of Their Resident Customers -- III. Commercial Credits: Structure of Data to be Collected for the BOP and the IIP -- Processing -- IV. Estimation of Foreign Direct Investment Transactions Related to Public Construction Projects Lasting More Than One Year-Quantified Example -- V. Foreign Direct Investment Survey Form

Cover -- CONTENTS -- CONTEXT -- RECENT DEVELOPMENTS -- OUTLOOK AND RISKS -- POLICY DISCUSSIONS -- A. Fiscal Issues -- B. Monetary and Financial Sector Policies -- C. Anti-Corruption Reforms -- D. Debt Sustainability Analysis -- FOURTH REVIEW -- FUTURE REVIEWS -- OTHER ISSUES -- STAFF APPRAISAL -- FIGURES -- 1. Real Sector -- 2. External Sector -- 3. Fiscal Sector -- 4. Monetary Sector -- 5. Banking Sector -- TABLES -- 1. Selected Economic Indicators, 2016-19 -- 2. Medium-Term Macroeconomic Framework, 2015-23 -- 3a. Central Government Budget, 2015-23 (In billions of Afghanis) -- 3b. Central Government Budget, 2015-23 (In percent of GDP) -- 4a. Central Bank Balance Sheet, 2015-23 (In billions of Afghanis) -- 4b. Central Bank Balance Sheet, 2015-19 (At program exchange rates) -- 5. Monetary Survey, 2015-23 -- 6. Balance of Payments, 2015-23 -- 7. Financial Soundness Indicators -- 8. Proposed Schedule of Reviews and Disbursements Under the ECF Arrangement -- 9. External Financing Requirement and Sources, 2016-20 -- 10. Projected Payments and Indicators of Capacity to Repay the Fund -- 11. Quantitative Performance Criteria, June 21, 2018 -- 12. Fourth Review Structural Benchmarks -- 13. Fifth Review Structural Benchmarks -- 14. Sixth Review Structural Benchmarks -- APPENDIX -- I. Letter of Intent -- Attachment I. Memorandum of Economic and Financial Policies for 2018-19 -- Attachment II. Technical Memorandum of Understanding.

Cover -- CONTENTS -- Glossary -- SUMMARY OF MISSION OUTCOMES AND PRIORITY RECOMMENDATIONS -- STRENGTHENING THE DATA COLLECTION SYSTEM -- A. International Transactions Reporting System (ITRS) -- B. Existing Survey Forms -- DETAILED TECHNICAL ASSESSMENT AND RECOMMENDATIONS -- A. Action Plan -- B. Assessment of Compiled Balance of Payments and IIP Statistics -- OTHER ISSUES -- A. External Debt Statistics -- B. Technical Assistance and Capacity Development -- FIGURE -- 1. Main Components of Afghanistan Balance of Payments -- TABLES -- 1. Priority Recommendations -- 2. Components of the IIP that are External Debt Items -- 3. Officials Met During the Mission -- APPENDICES -- I. Officials Met During the Mission -- II. Example of Reporting Technical Assistance in Afghanistan's Balance of Payments -- III. Progress in Action Plan of February 2017 Mission.

Cover -- CONTENTS -- CONTEXT AND OUTLOOK -- PROGRAM PERFORMANCE -- PROGRAM POLICY DISCUSSIONS -- A. Fiscal Policy -- B. Monetary and Exchange Rate Policies -- C. Financial Sector Policies -- D. Social and Development Policies, Governance, and Business Climate -- E. Other Program Issues -- STAFF APPRAISAL -- FIGURES -- 1. Program and Article IV Scenarios, 2015-22 -- 2. Real Sector Developments, 2010-18 -- 3. External Sector Developments, 2010-18 -- 4. Fiscal Sector Developments, 2010-18 -- 5. Monetary and Financial Sector Indicators, 2010-18 -- 6. Business and Governance Indicators, 2006-17 -- TABLES -- 1. Macroeconomic Framework, 2014-23 -- 2. Balance of Payments, 2014-23 -- 3a. Central Government Operations, 2014-23 (In billions of MRO) -- 3b. Central Government Operations, 2014-23 (In percent of non-extractive GDP) -- 4. Monetary Survey, 2014-20 -- 5. Banking Soundness Indicators, 2010-17 -- 6. External Financing Requirements and Sources, 2015-20 -- 7. Capacity to Repay the -- 8. Access and Phasing Under the Three-Year ECF Arrangement, 2017-20 -- APPENDIX -- I. Letter of Intent -- Attachment I. Memorandum of Economic and Financial Policies -- Attachment II. Technical Memorandum of Understanding.

Cover -- CONTENTS -- CONTEXT -- RECENT DEVELOPMENTS -- OUTLOOK AND RISKS -- POLICY DISCUSSIONS -- A. Fiscal Policy -- B. Monetary and Financial Sector Policies -- C. Governance -- THIRD REVIEW -- FUTURE REVIEWS -- OTHER ISSUES -- STAFF APPRAISAL -- FIGURES -- 1. Real Sector -- 2. External Sector -- 3. Fiscal Sector -- 4. Monetary Sector -- 5. Banking Sector -- TABLES -- 1. Selected Economic Indicators, 2016-19 -- 2. Medium-Term Macroeconomic Framework, 2015-23 -- 3a. Central Government Budget, 2015-23 (In billions of Afghanis) -- 3b. Central Government Budget, 2015-23 (In percent of GDP) -- 4a. Central Bank Balance Sheet, 2015-23 (In billions of Afghanis) -- 4b. Central Bank Balance Sheet, 2014-18 (At program exchange rates) -- 5. Monetary Survey, 2015-23 -- 6. Balance of Payments, 2015-23 -- 7. Financial Soundness Indicators -- 8. Proposed Schedule of Reviews and Disbursements Under the ECF Arrangement -- 9. External Financing Requirement and Sources, 2016-20 -- 10. Projected Payments and Indicators of Capacity to Repay the Fund -- 11. Millennium Development Goals -- 12. Third Review Structural Benchmarks -- 13. Fourth Review Structural Benchmarks -- 14. Fifth Review Structural Benchmarks -- Appendix -- I. Letter of Intent -- Attachment I. Memorandum of Economic and Financial Policies -- Attachment II. Technical Memorandum of Understanding -- CONTENTS -- RELATIONS WITH THE FUND -- RELATIONS WITH THE WORLD BANK -- IMPLEMENTATION OF THE JOINT MANAGEMENT ACTION PLAN ON BANK-FUND COLLABORATION -- RELATIONS WITH THE ASIAN DEVELOPMENT BANK -- STATISTICAL ISSUES.

Afghanistan has made important achievements in recent years. The 2011 Article IV Consultation highlights that authorities have taken steps to lay the foundation for economic stability and growth, despite a very difficult security situation and the challenges associated with building political and economic institutions. Directors agreed that the Extended Credit Facility (ECF)-supported program, accompanied by a technical assistance agenda, provides an appropriate framework for addressing the considerable challenges lying ahead and a basis for continued engagement with the donor community