Editor in Chief: Moh. Reza Huwaida Thursday, March 22nd, 2018

Consultation! Isn’t Too Late?

On time consultation, coordination and strategic planning are key factors to economic sustainability. It is a requirement both for micro and macro economies. This is specifically imperative for economies of less developed and developing nations. Afghanistan falls in the list of countries that are extremely economically vulnerable. Afghan economy remains highly dependent on international aid. As the international community is planning to start withdrawing from this country, concerns over drastic fall in the economic development increase among different circles.

The lead role in defense, economy and other sectors is being handed to Afghans. In order to help Afghanistan economically prosper, President Hamid Karzai has started consulting his economic advisors. He expressed this in a conference on economy of Afghanistan held in Kabul. In the conference - in which ministers of economic sector, economic advisors of the President and university professors had participated – Karzai said, "Consultation has an important role to play to support the economy of Afghanistan and its banking system.

" This measure of Karzai is commendable but, is not it too late? The hefty amounts of international aid poured generously in Afghanistan in the last ten years became the victim of massive corruption. That still continues. Afghanistan's biggest private bank – Kabul Bank – collapsed last year which largely defamed the credibility of government in the eyes of foreign donors. Reportedly, the second large private bank – Azizi Bank – is facing serious financial problems and there are probabilities of its collapse too. Consultation at such a juncture will not be as helpful as it could have been in initial years of Karzai government.

How will Afghanistan manage its economic and military affairs after the Western supporters reduce their role, is quite ambiguous. Recent case studies have shown that following the withdrawal or significant reduction in troop levels, Iraq, Kosovo, Haiti, and Bosnia saw significant decreases in development assistance levels. The same is being expected for Afghanistan. The economic and non-economic gain Afghanistan has had in the last decade seems at great stake now. Only long-term commitments of international community and substantial reforms in Afghan government can prevent economic fall over of Afghanistan.