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Afghanistan pleased with revived IMF credit

November 15, 2011

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KABUL, Afghanistan—The Afghan government says it's pleased that the International Monetary Fund has decided to reinstate a credit program for the country -- a move that will revive the flow of international aid that was suspended over the Kabul Bank crisis.

Afghanistan has been without IMF backing for more than a year. Some donor nations had already stopped authorizing payments to Afghanistan.

Kabul Bank nearly collapsed in 2010 because of mismanagement and hundreds of millions of dollars in questionable loans.

The Afghan Finance Ministry said Tuesday that the IMF had approved a $129 million loan to support reforms in the banking and financial sectors and improve public financial management.

The IMF was to formally announce its decision later in the day.

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