Financial Sector Development (WG1), 3rd meeting

The third meeting of the first working group (financial sector development) was held on Wednesday, January 13, 2021, in Khyber Hall, Ministry of Finance, Pashtunistan Wat.

 

In the beginning, the progress of the previous meeting of working group 1 was presented. The issue of reducing the security costs of banks, which took place in a technical meeting with the Public Protection Enterprise, and we came to the conclusion that a proposal should be prepared by the Union of Banks. After the approval of Co-Chairs of working group 1, the proposal shall be proposed to the Cabinet or the High Economic Council. Also, the agreement on the transfer of bank accounts from the Citizenship Pact from the Central Bank to the Commercial Banks is final and will be presented to the Committee meeting for further decisions.

 

The following two important reforms were discussed at the meeting:

  1. Mandatory implementation of fire insurance for the financial, telecommunications and health sectors in Kabul and 6 economic zones:

The mandatory fire insurance plan has been prepared to be implemented for the 1400 year; previously, technical meetings were held on the mandatory insurance of firefighting with three sectors, and there has been a lot of progress. But there are still some comments and criticism from health sector about this implementation plan to be resolved. The prepared plan needs more exchange of views in order to consider all the dimensions and present it to the working group.

 

  1. Develop Appraisal Industry (pricing) estate by developing local appraisal standards, a system for training and issuing appraisal licenses, and establishing real estate information and transaction agency:

The pricing industry has many challenges. There are companies that price real estate without considering the criteria. Review the activities that have been done for the development of the real estate evaluation and housing industry (including projects) and then work on the development and strengthening of this industry.

 

Representatives of the public and private sectors participated in the meeting, including the Ministry of Finance, Da Afghanistan Bank, Afghanistan Women’s Chamber of Commerce and Industry, Ministry of Urban Development and Lands, Investment Facilitation Unit, Ministry of Economy, Ministry of Public Health, Ministry of Industry and Commerce, Afghan Banks Union, Financial Dispute Resolution Commission, International Chamber of Commerce, Afghanistan Chamber of Commerce and Investment, Afghanistan Small Loans Association, Afghan Chambers Federation, Afghan National Bank, ATRA Office, Afghan Pharmaceutical Services Union, Afghanistan Pharmaceutical Industrial Union (APIU), Afghan Global Insurance Companies, Capital Star and Afghan National Insurance, Policy Researcher from TUFTS – USA, the First Vice President of Afghanistan, and PriSEC working group expert attended the meeting.

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