FINANCIAL SECTOR DEVELOPMENT (WG1), 6TH MEETING

The sixth meeting of the Financial Sector Development Working Group was held on May 30, 2021, in Khyber Hall, Ministry of Finance, Pashtunistan Watt. At first, Mr. Abdul Habib Zadran, Deputy Minister of Finance of the Ministry of Finance, started the meeting by welcoming the members; the attended Co-chairs and other esteemed representatives of the government and the private sector. Then, Mr. Zarbat Rostamkhel, Technical Advisor of PriSEC Committee, and Janullah Zahir, Financial Sector Development Expert, provided information on the progress made since the previous meeting of the Working Group.

 

The following four main issues were discussed at the meeting:

 

  • The agreement on the transfer of bank accounts is finalized within two weeks and after its approval by the steering committee, the accounts of the citizen charter will be transferred from Da Afghanistan Bank to Commercial Banks as soon as possible.

 

  • Workshops and meetings will be held in order to raise public awareness about fire insurance in three sectors (banking, health, and telecommunications) to finalize the fire insurance bill.

 

  • Providing a discount on the security costs of commercial and state-owned banks, which was previously approved and implemented in the fiscal year 1399. It will also be effective for the fiscal year 1400, and the request of commercial and state-owned banks to reduce security costs (20% of the original security contract) will be submitted to the Supreme Council of National Public Protection within two weeks.

 

  • Coordination meeting on the development of banking services (loan products) and the provision of incentive packages for small and medium enterprises for the agriculture, housing, industry, and guild sectors by the Ministry of Finance with the World Bank and relevant bodies should be organizationed to decide on either it should be financed through the budget in the middle of the fiscal year or with the help of the World Bank.

 

The meeting was attended by representatives from the Ministry of Finance, Da Afghanistan Bank, Women Chamber of Commerce and Industry, Afghanistan Banks Association, General Directorate of Takaful and Insurance, Ministry of Rural Rehabilitation and Development, Afghan Public Protection Force, Afghan National Insurance Company, PriSEC Committee – First Vice President of the Islamic Republic of Afghanistan.

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