Essential facts on economic performance and investment in Afghanistan

Transcription

1 Essential facts on economic performance and investment in Afghanistan March 2012 Research & Statistics Department

2 The Afghan Economy Since 2002, Afghanistan is in transition from a centrally-planned and heavilyregulated economy towards an open and free economy based on the market system. The economy encountered a structural change over the last decade, when the political shift occurred after the fall of Taliban in 2001 and with the adoption of the new constitution in The new constitution acknowledged market economy as the economic system and guaranteed the promotion and protection of private investment (Article 10 of the Constitution). The economy has since been highly liberalized and the government has focused on a private sector-led growth. Economic performance of Afghanistan has been remarkable... The economy has grown at a remarkable pace since 2003; average growth rate over the period has been 11.2 percent. Only few countries in the region have experienced a growth rate above 10 percent in the last decade. For Afghanistan, this is a remarkable achievement despite the fact that serious security challenges exist in the country. Real GDP growth is estimated at 5.7 percent in 2011/12 and is projected to increase to 7.1 percent in 2012/13. Income per capita is estimated by the World Bank at US $501, which puts Afghanistan in the 175 th position among 190 countries in the world. Inflation has been on average above 10 percent in the last nine years; the average inflation rate for the period is 11.3 percent. However, such a relatively high inflation rate does not seem to have been a drag on economic growth. Period-average inflation for the year 1390 (2011/12) has been 10.6 percent, whilst it is forecast to remain in single digits in 2012/13. (For further macroeconomic indicators, please refer to Table 1.2.) Agriculture is the dominant output sector in Afghanistan. Although the share of agriculture sector has dropped from 45.2 Figure 1.1: Sector decomposition of GDP and its evolution 100% percent of GDP in 2002/03 to % percent in 2010/11, it is still larger than the industries sector which makes 21.3 percent of GDP (see Figure 1.1). Furthermore, it is estimated that 59 percent of employed Afghan population is 60% 40% 20% 0% Source: Central Statistics Office Services Industry Agriculture

3 engaged in the agriculture or livestock (NRVA, 2009). Some sources maintain that more than 80 percent of households depend in some way on income received from agriculture-related activities. Afghanistan remains one of the most open economies in the region... Afghanistan remains one of the most open economies to trade and investment among the low-income countries (LICs). It has the lowest tariff rates in the region, both among the South Asian and Central Asian countries, as illustrated in Table 1.1. Since 2002 the government has tried to lower the tariff and legal trade barriers, and this process was intensified after it agreed in 2006 to receive financial support from the IMF under the PRGF (Poverty Reduction, Growth Facilitation) programme through There remains, however, a wide range of technical barriers to trade such as lack of infrastructure, transport, market access and information, which can only be eliminated over a long period with public-private partnership. Being a landlocked country, Afghanistan has chosen to move towards trade integration with regional economies. It is now a member of regional economic cooperation organisations such as the South Asian Association for Regional Cooperation (SAARC), Economic Cooperation Organization (ECO) and Central Asia Regional Economic Cooperation (CAREC), and has signed SAARC s Agreement on South Asian Free Trade Area (SAFTA) in Table 1.1: Degree of openness and Tariff rates in the region Openness Average applied tariff rate Maximum duty applied No. of MFN applied tariff lines Afghanistan ,207 India ,360 Iran ,649 Pakistan ,802 Tajikistan ,176 Turkmenistan Uzbekistan ,985 Sources: PENN WT (for openness) and WTO Tariff Profiles 2010 (for other indicators) Note: All data is as of 2009, with the exception of tariff-related indicators for Afghanistan which are as of Public enterprises were privatised over the last decade... Under IMF s PRGF programme, now named ECF (Extended Credit Facility), an early vague of privatisation was carried out. Three state-owned banks (namely Agricultural Development Bank, Industrial Development Bank and Mortgage Construction Bank) were liquidated and seven other state-owned banks and public enterprises were partially or totally restructured in order to be possibly privatised in the future. The latter included Bank-e Milli, Pashtanay Commercial Bank, Export Promotion Bank, DABM/S (the Afghan electricity enterprise), FLGE (Fuel and Liquid Gas Enterprise), Afghan Telecom, and Ariana Afghan Airlines. Nevertheless, the Afghan economy remains less regulated and the private sector has grown remarkably since

4 Table 1.2: Main economic indicators ( ) / / / / / / / / /12 Output (in percent, unless otherwise indicated) Real GDP growth Nominal GDP (million US$) b 4,766 5,704 6,815 7,722 9,777 11,940 14,214 17,243 20,054 GDP per capita (current US$) b Prices (in percent) CPI Inflation (period average) a CPI Inflation (end of period) a Core inflation (excl. cereals & energy) a Fiscal sector (in percent of GDP) Domestic revenues Foreign grants Expenditures Overall balance (incl. grants) Overall balance (excl. grants) External sector (in percent of GDP) Exports of goods Imports of goods Trade balance Current account balance FDI External debt (in percent, unless otherwise indicated) Commercial lending interest rate a Exchange rate (Af. per USD) a REER (percentage change) e Unemployment c 7.0 Employment rate (% of working-age pop.) c 61.9 Poverty headcount rate c 36.0 Poverty gap ratio c 7.9 GINI Index c

5 Ratio R/P 20% c 4.3 Human Development Index d Sources: a: DAB; b: WDI; c: NRVA (2009); d: UNDP; e: AISA; For the rest of the series: IMF Notes: Values in italics indicate estimates by their respective sources; Underlined values indicate estimates by AISA; Exports exclude the export of opium and drugs; Trade statistics include both official records of and smuggled trade; R/P 20% refers to the ratio of average income of the richest 20% to the poorest 20% (calculated by author based on NRVA data); REER (Real effective exchange rate) is calculated using Afghani's exchange rate vis-à-vis the most widely exchanged currencies in Kabul's money bazaar (i.e. US Dollar, Pakistani Rupee, Indian Rupee, Euro and Iranian Ryal). The weights used for these currencies are based on the average share of their respective countries' trade with Afghanistan over the period : US$ (49%), Pak Rs. (24.5%), Indian Rs. (12.6%), Euro (11.7%) and Iranian Ryal (2.2%). The weight for US$ is obtained as a residual after deducting the trade share of the four latter countries -- it is the average share of the Rest Of the World. The data on trade shares is obtained from UNCTAD Statistics; Financial year starts on March 21. 5

6 Financial sector has developed rapidly... Financial sector in Afghanistan has developed rapidly in recent years. The number of commercial banks (including private & public banks and branches of foreign banks) reached 17 banks in Total assets of the banking sector which were less than US$300 million in 2004 have soared to more than US$4 billion in December The commercial lending prime interest rate in Afghanistan is now at 15 percent which is almost at the same level as that in Iran and Pakistan (see Table 1.3). Furthermore, there seems to be sufficient capital for investment in the economy, thanks to large current transfers (in the form of foreign assistance) that Afghanistan is receiving from the rest of the world (see Figure 1.2). Figure 1.2: Savings and Investment Gross national saving Investment Source: AISA s calculation using CSO s data for Consumption and Investment, and IMF s data for Current Account. Investment and GNS are expressed as percentage of GDP. Gross national saving is calculated per SNA 2008, as Gross National Disposable Income (= GDP + Income + Current Transfers) minus Total Consumption (private and public), expressed as percentage of GNDI. Though exports have increased in volume, trade deficit remains high... The trade balance has improved since 2002, though the deficit remains very significant. The trade deficit which was over 60 percent of GDP in 2005 has declined to below 40 percent in However, this decline is mainly due to a drop in imports, which were 90 percent of GDP in 2005 and have now declined to 50 percent. On the other hand, exports despite having increased in nominal terms have shrunk as a percentage of GDP. Exports have doubled between 2002 and 2011 to $2.9 billion, but as a percentage of GDP they have actually declined over the same period from nearly 40 percent to around 15 percent, as shown in Figure 1.3. The real effective exchange rate (REER) shows that Afghanistan has lost severely its competitiveness position in 6

7 the world. The REER appreciated by 27 percent between 2004 and 2010 an appreciation that is mainly due to rising domestic prices. Nevertheless, the large trade deficit is balanced in the current account by the huge inflow of foreign aid. In fact, current account is nearly balanced, and there does not seem to be any external disequilibrium which would put pressure on the exchange rate. But any shock to aid inflow would severely affect Figure 1.3: Exports between 2002 and Data source: IMF Exports (in millions of US$) Exports share in percent of GDP the current account balance and may engender a serious balance-of-payments crisis. 3,000 2,750 2,500 2,250 2,000 1,750 1,500 1,250 1,000 Fiscal deficit, excluding grants, remains large... The fiscal position remains very poor. Although domestic revenues have doubled as a percentage of GDP between 2003 and 2011, there is still a modest gain in terms of fiscal balance. Domestic revenues cover merely half of total expenditures; only 48 percent of total budget were covered by domestic revenues in 2011/12. The remaining deficit is financed by foreign aid in the form of budget support. Domestic revenues are not even sufficient to finance entirely the operating budget they could only cover 65 percent of recurrent expenditures in This raises serious concerns over the fiscal sustainability in Afghanistan. The IMF forecasts a Figure 1.4: Fiscal projections Source: IMF (2010) 7

8 balanced fiscal budget no earlier than This forecast, however, is based on the presumption that the security situation will not deteriorate. Any worsening security situation and/or an increase in security forces beyond 2013, and thus an increase in military budget, would postpone the fiscal sustainability by several other years. Development indicators in Afghanistan are very low The Human Development Report puts Afghanistan in the category of countries with low HDI (Human Development Index). Afghanistan is thus the only country among its neighbours to be ranked in this category. All other neighbouring countries are in middle and high HDI categories. However, inequality appears to be the lowest in Afghanistan as indicates the GINI coefficient. Furthermore, according to a 2007 study, 36 percent of the Afghan population lives under the national poverty line of 1,255 Afs. per month, which puts it in the region after Pakistan with a headcount poverty rate of 51 percent. Table 1.3: Regional comparison of development indicators Afghanistan Pakistan Tajikistan Uzbekistan Turkmenistan GDP per capita (2010; current US$) 8-year average growth rate ( ) 8-year average Inflation ( ) Commercial lending Interest rate 8 Iran ,384 3,966 4, Poverty headcount rate GINI Index HDI (ranking among 187 countries; 2011) (172 nd ) (145 th ) (127 th ) (115 th ) (102 nd ) Sources: WDI; IMF WEO; EconomyWatch.com (for interest rate); and Human Development Report 2009; Note: Data on poverty and GINI index is of 2009 for all countries with the exception of Afghanistan, for which data is of The informal economy remains significant (88 th ) The informal sector is significantly large in Afghanistan. The World Bank estimates that 80 to 90 percent of economic activity in Afghanistan occurs in the informal sector, which has been largely responsible for the recent economic recovery and dynamism (World Bank, 2004). A large part of the informal sector is the opium economy; drug-related activities (including opium production and processing activities) are estimated to equal 35 percent of GDP (World Bank, 2004). United Nations Office on Drugs and Crimes (UNODC) estimates that the farm-gate value of opium production was 5 percent of GDP in Once opium production is taken out of the agricultural output figures, the share of agriculture sector is reduced from around 30

9 percent to around 25 percent making it as large as the industries sector. However, the gross export value of opiates is estimated at 11 percent of licit GDP in 2010 a figure which was 50 percent in 2003 (UNODC, 2010). Afghanistan has been a major aid recipient in the world Afghanistan has been one of the major aid recipients in the last decade. According to the World Bank data, over the period Afghanistan was the sixth largest recipient of official aid in terms of proportion to GDP. The average aid Afghanistan has received amounts to 35 percent of GDP. However, if we ignore the small states, 1 Afghanistan becomes the third largest recipient country after Liberia and Burundi. In terms of nominal value, Afghanistan was the second largest recipient after Iraq, receiving $26 billion in official aid between 2000 and Table 1.4 enlists eleven top recipient countries of official development assistance 2 over the period In terms of proportion to GDP, although Afghanistan comes in the sixth position, the total GDP of the first five countries altogether does not even reach a quarter of the Afghan GDP. Table 1.4: Largest aid recipients over the period Average ODA/GDP Total ODA received (billion US$; net) Liberia 62.8 Iraq 60.0 Micronesia, Fed. Sts Afghanistan 26.6 Timor-Leste 42.6 Nigeria 24.3 Burundi 38.5 Vietnam 20.6 Marshall Islands 35.8 Ethiopia 20.2 Afghanistan 35.4 Tanzania 18.5 Sierra Leone 31.4 Congo, Dem. Rep Solomon Islands 31.0 Pakistan 17.6 Congo, Dem. Rep India 15.6 Iraq 26.7 Mozambique 15.1 Mozambique 26.2 China 14.9 Source: WDI and OECD STAT; Figures above include disbursements by both DAC and non-dac member countries. According to the data provided by the Afghan Ministry of Finance, almost one-fifth of all official assistance has been allocated to security issues. Agriculture and rural development have received 13 percent of all assistance, followed by energy and education, each one receiving 9% and 7% respectively. As Figure 1.5 shows, the sectors of transport, governance and health have received equal shares of almost 6 percent. 1 Commonwealth Secretariat defines small states as countries with a population of 1.5 million or less. 2 Official Development Assistance (ODA) comprises all flows of official financing which are disbursed at concessional terms (i.e. having a grant element of at least 25 per cent). ODA include both bilateral and multilateral aid. It excludes, however, grants from non-governmental organisations and charities raised through private or individual contributions. 9

10 Figure 1.5: Sectoral decomposition of ODA disbursements over Private Sector Dvp. & Trade, 5.3% Refugees, 5.7% Other, 15.2% Urban Dvp., 4.4% Security, 20.4% Agricluture & Rural Dvp., 13.2% Health & Nutrition, 6.6% Governance, Energy, 8.6% 6.7% Education, Transport, 7.2% 6.8% Source: DAD (Development Assistance Database), Ministry of Finance 10

11 Investment in Afghanistan During the last ten years, private investment has had a strong and rapid growth in the country. Share of private investment increased from 1.3 percent of GDP in 2003 to 8.6 percent in Total investment (including public and private), however, amounted to 22.6 percent of GDP in Since 2003, more than 25,000 businesses in different sectors and activities registered with AISA, which in total have invested almost $5.2 billion in Afghanistan. Foreign direct investment (FDI) makes approximately one-third of all private investment in the country. Figure 1.6. Investment in Afghanistan since 2003 Billion US$ Source: IMF Total Investment Figure 1.8 illustrates the decomposition of private investment by economic sectors. Construction has been the primary destination of private investors; 38.1 percent of all private capital is allocated to this sector. Services are the second largest sector to have received private investment. Telecommunications and Private Investment Figure 1.7. Domestic and Foreign Investment (Total ) 34.6% 73.3% Domestic Foreign 11

12 commercial banking have hosted the largest amounts of private capital among other services. Private investment in the industries sector amounts to $1.4 billion which makes almost a quarter of total private investment. Agriculture, however, has received the least amount of private investment, partially due to lower output productivity and higher vulnerability to climatic shocks. Figure 1.8: Investment decomposition by sector (Total ) 24.4% 6.9% 30.7% 38.1% Construction Services Industry Agriculture Private investment is concentrated in provinces where security is better conceived. More than half of all registered firms are located in Kabul province. Other major provinces such as Kandahar, Herat, Balkh and Nangarhar are secondary destination for both domestic and foreign investments. Figure 1.9 indicates that total private investment in Kabul province amounts to $2.8 billion. Such strong geographical concentration is influenced by various factors such as security, infrastructure and access to and size of urban markets. Million US$ 1, Figure 1.9: Private investment by province 2,

13 AISA s statistics show that almost 4 thousand foreign companies have invested in Afghanistan. Though this number represents only 15 percent of all registered businesses, total value of foreign investments (i.e. $1.8 billion) makes almost one-third of all private investment in the country (as shown in Figure 1.7). This shows that despite serious challenges Afghanistan has been able to attract a relatively substantial amount of FDI. Foreign investment may contribute to economic growth and job creation, and may increase transfer of technology and market competitiveness in Afghanistan. Top investing countries in Afghanistan, in terms of total value of FDI, are as following: Countries Total value of FDI (million US $) 1. South Africa Turkey United Arab Emirates Canada United States Pakistan Iran England China Netherland India 22.9 However, in terms of number of FDI projects, top investing countries in Afghanistan are: Countries No. of FDI projects 1. United States Turkey Pakistan Iran India England Germany China United Arab Emirates France 20 It is estimated that approximately 770,000 employment opportunities have been created by private sector since Domestic investment has ensured nearly 60 percent of all new jobs created in the country. The majority of these employments, which may include both temporary 13

14 and permanent jobs, have been created in the construction sector, amounting to nearly 400,000 jobs. Business environment has significantly improved since 2003 Business environment in Afghanistan has significantly improved in the last few years. The government has been continuously engaged in eliminating institutional barriers, easing regulation procedures, and developing an efficient legal framework for private investment in Afghanistan. Afghanistan was ranked 160 th out of 183 countries in the world in the Doing Business Indicators of the World Bank and the International Finance Corporation for the year 2012 the report was published in October Doing Business Indicators measure and track changes in regulations affecting 10 areas in the life cycle of a business: starting a business, dealing with construction permits, getting electricity, registering property, getting credit, protecting investors, paying taxes, trading across borders, enforcing contracts and resolving insolvency. Ease of doing business index averages the country s percentile ranking in the above 10 topics. Although Afghanistan was downgraded from 154 th position in 2010 to 160 th in 2011 in the Ease of doing business index, it ascended in some of the sub-indices such as in Getting Electricity (by 28 points) and in Resolving Insolvency (by 2 points). In Starting a Business index, Afghanistan is ranked 30 th among 183 countries, and a large number of OECD member countries are ranked lower than Afghanistan in this index. This shows that launching business in Afghanistan is one of the simplest and easiest in the world. In Paying Taxes index, Afghanistan is also well-ranked: 63 out of 183 countries. Investment policy in Afghanistan remains one of the most liberal Afghanistan disposes some of the most liberal policies when it comes to investment and business practices. The Law on Private Investment, issued in 2005, does not discriminate, in any sort, between domestic and foreign investments. Provisions made in the law are applied uniformly to both local and foreign businesses. Whilst 100% foreign ownership of an enterprise is allowed in most economic sectors, the law also allows full profit repatriation out of Afghanistan for foreign companies. The Central Bank (Da Afghanistan Bank) does not put any restriction on capital flows or on currency exchange. Afghanistan Investment Support Agency (AISA) acts as a one-stop shop for investors. Business license is delivered within 2 or 3 days at AISA. Minimum capital required for starting a business is AFN 250,000 or $5,000. However, this is not a paid-in capital requirement and companies are not required to deposit any amount in a bank. 14

15 Frequently asked questions (FAQs) 1. Is there any restriction on foreign ownership of immovable property in Afghanistan? Foreign individuals or business entities cannot own immovable property in Afghanistan, but they can lease immovable property for a maximum period of 90 years. 2. Are there any priority sectors for the government to support and promote investment in those areas? The SME Strategy, which was finalized in December 2009, identified seven sectors which can generate pro-poor growth and contribute to economic development. These sectors are: 1) Processing wool (including cashmere), carpet weaving, cutting, washing and trading; 2) Marble quarrying, cutting and polishing; 3) Gemstones mining and jewelry; 4) Livestock skins and leather; 5) Construction; 6) Wood, timber and carpentry; and 7) Agri-processing (including fresh fruits, concentrate juice, dried fruits & nuts, and pharmaceutical crops). 3. Are there any Industrial Parks (IPs) in Afghanistan? There are four major Industrial Parks (IP) developed and administered by AISA, which are located in Kabul, Kandahar, Mazar-e-Sharif, and Jalalabad. In addition to these, Agriculture Business Park is soon to be developed in Helmand. There are also more than ten other IPs developed by the Ministry of Commerce and Industries in various provinces including Herat. Within the IPs managed by the Industrial Parks Development Department (IPDD) at AISA, necessary facilities and services are provided. The price of land, as leased to private firms, is partly subsidized and tax reductions are also another incentive provided to firms registered with AISA. 4. How can a company acquire an industrial land? Interested companies are required to fill out AISA land application form and submit it to the IPDD. After an initial assessment of the applications by the IPDD, shortlisted companies are required to prepare a business plan, using AISA s template and guidelines for this purpose. Selected companies are then introduced to the High Commission for Investment for final approval of land accordance. Type of operation, experience in business, and amount of investment are important criteria for awarding a plot in industrial parks. 5. Does the government take special security measures for the safety of businesses and investors? The government provides exhaustive security for the Industrial Parks, and other areas where companies and business are concentrated. There are also special security forces designed uniquely to safeguard companies at specific industries. For example, a special 15

16 police unit has been created to provide necessary security measures to companies operating in the mining sector. 6. Is AISA an independent institution? According to the Law on Private Investment, Afghanistan Investment Support Agency operates under the High Commission for Investment which is composed of eight sectoral Ministers and is chaired by the Minister of Commerce and Industries. Therefore, AISA operates independently from other Afghan ministries and institutions. 7. Does AISA engage in business and investment with private companies? AISA does not engage in any sort of investment and business activities with private enterprises. AISA has been established on a decree by the Afghan government. It thus acts as a public investment promotion agency (IPA) and does not invest with private firms in any form. 8. What procedures are required to obtain a business license? The applicant refers to the Licensing Department at AISA, and verifies if the commercial title he is willing to choose for his business is not already in use by another company. Next, the applicant fills in the relevant forms and submits them along with the required documents. Upon approval, he/she will then be required to pay the license fee at AISA. His application will be sent by the Licensing Department to the TIN (Tax Identification Number) and ACBR (Afghanistan Central Business Registry) offices, located within AISA, to obtain a tax identification number and for official registry of the business in Afghanistan. The applicant will obtain his license within 3 days of submitting his first application. 9. Which support activities does AISA provide to foreign and domestic firms? The Investment Support Department at AISA provides all pre- and post-investment client services to private enterprises, such as providing basic information to foreign and domestic investors on market position, investment opportunities, legal framework, taxation and insurance, providing administrative support for visa and passport-related issues, and taking on mediation and dispute resolution activities. 10. Does the Afghan government provide bank guaranty for investors? For the moment, the government does not provide public credit and guarantees. 11. Are there any incentives for local or foreign investments in Afghanistan? The Afghan government provides all basic services (such as infrastructure, access to energy, transportation, access to industrial land, etc.) and investment support activities to foreign and domestic investors. However, as of now, there are no special incentives designed to investors such as tax incentives or other types of incentive packages. Nonetheless, AISA is 16

17 looking to provide such incentives in a near future which could encourage private investment in the country. 12. Does Afghanistan have bilateral investment agreement with any country? Afghanistan does not have any bilateral investment agreement with any country 13. Which types of taxes are applicable to businesses in Afghanistan and what are their rates? Principally, there are two types of tax for businesses in Afghanistan. (1) Corporate Income Tax rate is a 20-percent flat tax rate deducted on net taxable income. It is applicable to all corporations, limited liability companies, and other types of legal business entities. (2) Business Receipt Tax (BRT) rate is imposed at 2 percent of gross receipts on all types of income by corporations and limited liability companies whose income is more than Af.750,000 per quarter. However, the BRT rate is 10 percent for activities such as international passenger airline services, telecommunications, and hotels and restaurants providing high-quality services. 14. Is there a minimum wage in Afghanistan? There is no minimum wage in Afghanistan. 15. What is the maximum working time allowed? Maximum working time allowed per week is 40 hours. 16. What is the minimum age requirement for employment? Minimum age requirement for employment is 18 years, while for physically nonintensive work it is 15 years. 17. Are there any institutions in Afghanistan which provide mediation and arbitration to disagreed parties? The Afghan Chambers of Commerce and Industries (ACCI) and Afghanistan Investment Support Agency (AISA) both provide alternative dispute resolution (ADR) process to their members and registered companies. Furthermore, Financial Disputes Resolution Committee (FDRC) provides mediation to disputed financial cases in the banking and telecommunications sectors. 18. Which types of financial product are offered by the banking sector in Afghanistan? Commercial banks in Afghanistan offer most of conventional financial products such as current account, savings account, term deposits, Islamic banking products (i.e. musharika, mudaraba, murabaha, ijarah, and istisna), fund-based credits such as term loans, overdraft, SME financing, and non-fund based credits such as letter of credit and bank guarantees. Almost all banks provide international fund transfers through SWIFT, and offer ATM services. 17

18 References: IMF Afghanistan: ECF Review. IMF Country Report No. 11/330. November 2011 NRVA National Risk and Vulnerability Assessment 2007/08: A profile of Afghanistan. ICON-INSTITUTE. Kabul. October 2009 UNODC Afghanistan: Opium Survey United Nations Office on Drugs and Crime World Bank Afghanistan: State Building, Sustaining Growth, and Reducing Poverty. Country Report No AF. World Bank. September 2004 The booklet has been prepared by the Research & Statistics Department at AISA. For any inquiry, please contact: Omar Joya Research & Statistics Manager omar.joya@aisa.org.af Phone: +93.(0) ; +93.(0)