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International Monetary Fund. African Dept.

shortages. In response the government has introduced capital and current account controls and quasi-currency instruments in the dollarized economy. An overvalued real exchange rate is hurting external competitiveness. Budgetary operations are crowding out the private sector, and the expenditure profile tilted towards employment costs and unsustainable agricultural support is inhibiting investments in other priority sectors, particularly infrastructure and social outlays. On the financial side, credit to the private sector remains subdued, and some domestic banks face

International Monetary Fund

Afghanistan Bank; donors; and Fund staff estimates. 1/ Consists of external loans and use of government deposits. 3. Ensuring that the overall revenue and expenditure profile is sustainable over the medium to long term is a challenging task . Longer-term fiscal sustainability depends critically on the debt dynamics and the prospects for sustained concessional external financing. So far, the government has demonstrated a relatively prudent approach to fiscal policy by funding operating expenditure from domestic revenue and external grants. Nonetheless, the risk