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Cabinet approves budget for fiscal year 2018

Cabinet approves budget for fiscal year 2018

Nov 03, 2017 - 10:22

Cabinet approves budget for fiscal year 2018

KABUL (Pajhwok): The cabinet has approved draft budget for fiscal year 2018 in principles, a statement from Presidential Palace said on Friday.

Chaired by President Mohammad Ashraf Ghani, the cabinet meeting was held on Thursday evening at Presidential Palace where the next year annual budget 357,691,493,000 Afghanis (357.69 billion) was approved. Finance Minister Eklil Hakemi presented the budget the budget.

He said for the first time general and development budget was prepared on international standards and in accordance to economic compilation, jobs ration and on the bases of the principle of accountability from provinces.

He said the total budget money is predicted to be $5,128,595,000 of which 267,076,932,000 Afghanis  equivalent to $3,829,360,000  allocated for general budget and 90,614,561,000 Afghanis  equivalent to $12,999,235,000  allocated for development budget.

Hakemi said during upcoming year 161.621 billion Afghanis accounted for $2.317 billion would be generated from domestic revenue sources and 188.423 billion Afghanis accounted for $2.701 would come from external resources.

He added the budget deficit is 7.646 billion Afghanis accounted for $109.63 million which would be compensated from current cash and loans.

After deep discussion the cabinet thanked the Finance Ministry for its invoation in upcoming year budget and approved the draft.