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Ajmal Ahmady

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Ajmal Ahmady
اجمل احمدی
Ajmal Ahmady
Governor of Da Afghanistan Bank
In office
3 June 2020 – 15 August 2021
PresidentAshraf Ghani
Succeeded byHaji Mohammad Idris (acting)
Minister of Commerce and Industry
In office
6 February 2019 – 3 June 2020
PresidentAshraf Ghani
Succeeded byNisar Ahmad Ghoryani
Senior Economic Advisor
In office
30 January 2014 – 6 February 2019
PresidentAshraf Ghani
Personal details
Born (1978-04-18) 18 April 1978 (age 46)
Kabul, Afghanistan
Political partyIndependent
Alma materHarvard University (MBA, MPA/ID)
University of California, Los Angeles (BSc)
ProfessionEconomist

Ajmal Ahmady (Persian/Pashto: اجمل احمدی) is an Afghan-American economist and politician who formerly served as the Acting Governor[1] of the Central Bank of Afghanistan, Da Afghanistan Bank, the Acting Minister of Commerce and Industry of Afghanistan,[2][3] the Senior Economic Advisor to the President of Afghanistan, and represented Afghanistan on the Turkmenistan-Afghanistan-Pakistan-India (TAPI) natural gas pipeline.[4]

He was born in Afghanistan and grew up in the United States. He studied at Harvard University, and worked in the fields of economic development and investment management before returning to Afghanistan in 2014 to work in senior positions within the Afghan government.

Early life

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Ajmal Ahmady was born in Kabul during the same week as the Saur Revolution. He spent his childhood in Afghanistan, Pakistan, Germany, and the United States.

His father is from Ghazni Province and is a practicing doctor. His mother is a kindergarten teacher. His brother received a master's degree in finance from Oxford University.

Education

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Ajmal Ahmady received two master's degree from Harvard University. He received a Master in Business Administration (MBA) from Harvard Business School and a Master of Public Administration in International Development (MPA/ID) from the Harvard Kennedy School. For his masters thesis, he applied the Growth Diagnostic Framework to Afghanistan under the supervision of economist Dani Rodrik.

He received a Bachelor of Science in Mathematics and Economics with minors in Computer Science and Philosophy from the University of California, Los Angeles.[5]

He is currently a Senior Fellow[6] at the Mossovar-Rahmani Center for Business and Government (M-RCBG) at the Harvard Kennedy School. In this position, he teaches student seminars[7] and conducts research on Central Banking in developing economies, including in monetary policy, fintech regulation, banking supervision, reserves management, and AML/CFT compliance.[8]

Career

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Economic Development and Asset Management

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Mr. Ahmady has had an extensive career at the intersection of economic development, asset management, and policy. He worked as a Microfinance Peace Corps Volunteer in the city of Kumba in Cameroon (2001-2003), the World Bank (2004), as a Senior Advisor at the Afghan Ministry of Finance (2004-2005), the US Treasury Department within the Office of International Monetary Policy researching sovereign debt restructurings (2005), ACAP Partners - an emerging markets private equity group, and Booz Allen Hamilton (2007).[9]

Upon graduating from Harvard University, Ahmady spent eight years in the asset management industry investing in global macro and emerging market strategies. He began as a fixed income corporate bond analyst at T. Rowe Price (2008-2009), became a sovereign CEEMA analyst at Acadian Asset Management (2009-2012), and was the sole global economist and conducted trades at various emerging market funds at Fortress Investment Group (2012-2014).

Senior Economic Adviser to the President

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After the establishment of a National unity government, Ahmady served as the senior advisor for banking and financial affairs to President Ashraf Ghani for four years. In this position, Ahmady worked to improve the business environment, where he led commercial reform efforts, including working with global law firm DLA to make changes to Afghanistan's commercial procedure code, municipal law, insolvency law, limited liabilities law, minerals law, and hydrocarbons law. He also helped coordinate a response to improve Afghanistan's banking sector.

Due to Ahmady's efforts, Afghanistan became the World Bank's largest business reformer in 2018.[10] This included a significant increase in Afghanistan's position in the following categories: protecting minority investors, resolving insolvency, and starting a business.

He contributed to Afghanistan's anti-corruption agenda by drafting the national anti-corruption strategy and followed up with key anti-corruption benchmarks.[11] He represented Afghanistan at the 18th International Anti-Corruption Conference in Copenhagen, where he sat on a panel with then World Bank CEO Kristalina Georgia and other dignitaries.[12]

Minister of Commerce and Industry

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While working as the acting minister of Industry and Commerce of Afghanistan,[13][14] Ahmady attempted reforms to boost exports, increase industrial production, and improve the business environment.

To improve trade, Ahmady created and was instrumental in leading Afghanistan's National Air Corridor Program that now exports $100 million per year to more than 50 markets around the world and renegotiating a number of transit agreements that should help to reduce transit costs for traders and helped export $1 billion for the first time in the country's history (2020).[15][16]

To improve industrial capacity, Minister Ahmady restructured the Industrial Parks Directorate, signed trilateral MOUs with our electricity provider DABS and the Chamber of Industry and Mines, and provide greater funding for the development of new industrial parks.

To improve the business environment, Minister Ahmady simplified the business licensing process and lowered the price of a business license from approximately 30,000 afghanis to only 100 afghanis.[17]

Governor of Da Afghanistan Bank

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Based on presidential decree 544 on 3 June 2020, Ahmady was appointed Acting Governor of Da Afghanistan Bank (DAB), the central bank of Afghanistan, which regulates all banking and money handling operations in Afghanistan.[18] His responsibilities included managing monetary policy, financial sector supervision, financial intelligence, payment systems, and banking operations.

Despite challenging circumstances, Governor Ahmady was able to maintain macroeconomic stability, including bringing inflation down from double digits to only 1.6% (as of July 2021), proving strong oversight of the financial sector, and inaugurating a real-time gross settlement (RTGS) system in December 2020. Governor Ahmady launched a successful mobile payments system, and was in the process of nationally launching the program when the Taliban overthrew the government.

He negotiated an IMF Extended Credit Facility (ECF) program and loan of $370 million in November 2021[19] and led the successful first review of the program in June 2021.[20]

Departure from Afghanistan

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Ahmady left Afghanistan on an American military flight on 15 August, as the Islamic Republic collapsed in light of the 2021 Taliban offensive. As he left he posted his final experiences in a tweet that went viral. He criticised government figures Fazel Mahmood Fazly and Hamdullah Mohib for being "too inexperienced in their roles".[21][22][23]

Media Appearances

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Governor Ahmady has given live interviews, spoken at conferences, written op-eds, interviewed in podcasts, and been featured in numerous media outlets.

His conference appearances include at the Bloomberg New Economy Forum (NEF)[24] where he spoke on a panel with former U.K. Prime Minister Tony Blair and Ian Bremmer,[25] at a Financial Times webinar with General Petraeus,[26] and in India at the Indian Ocean Conference[27] and Global Business Summit.[28]

He has also attended multilateral forums including the IMF 2020 Annual Meetings,[29] the 2018 Geneva Conference on Afghanistan,[30] and the World Bank Seminar on Policy Challenges for the Financial Sector;[31] as well as spoken at numerous think tanks, including describing economic reforms at the Wilson Center (2018),[32] investment opportunities at the Heritage Foundation (2019),[33] and the collapse of the government at the Atlantic Council (2021).[34]

In his Op-Eds, he outlined three internal and three external factors that led to Afghanistan's collapse in Foreign Affairs,[35] has argued for continued engagement in Afghanistan in the Financial Times,[36] has outlined continued challenges that the Taliban would face in Bloomberg,[37] highlighted earlier positive economic reforms in The Hill,[38] and outlined financial sector reforms in Bahktar News.[39]

In his television and online interviews, he has described Afghanistan's challenges and his escape from the country in CNN,[40] Sky News,[41] BBC,[42] TRT World,[43] G-Zero Media,[44] and WION News.[45]

He has been able to provide greater detail of his time as Acting Governor of DAB in various podcasts, including in Bloomberg Odd Lots,[46][47] Mercatus Center Macro Musings,[48] and Schroder's 'Running a Central Bank with the Taliban at the Door.'[49] He was able to provide his personal experiences and economic views in NPR's Planet Money[50] and Marketplace.[51]

Governor Ahmady's work and commentary have been referenced around the world in global publications, including the New York Times,[52] Wall Street Journal,[53] Bloomberg,[54] National Interest,[55] CNBC,[56] Axios,[57] Al-Jazeera,[58] Nikkei Asia,[59] Japan Times,[60] Radio Free Europe,[61] Economic Times of India,[62] Asia Money,[63] TRT World,[64] Les Echos in France,[65] Independent U.K.,[66] Khaleej Times,[67] Straits Times of Singapore,[68] Irish Times,[69] Money Control,[70] Turkish Press,[71] and German Press publications.[72]

He has also given briefings to representatives of the U.S. Treasury Department, U.S. State Department, and the Senate Committee on Banking and Finance. Governor Ahmady was referenced in a letter that Portman and Rubio sent to the U.S. Treasury.[73]

Personal life

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Ahmady is an Afghan Muslim.

References

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  1. ^ "Finland Ministry of Foreign Affairs". 2018 Geneva Conference Side Event: Economic priorities and aid effectiveness. November 28, 2018.
  2. ^ "President Ghani appoints his adviser as acting minister of industry and commerce". The Khaama Press News Agency. 2019-02-06. Retrieved 2022-04-19.
  3. ^ "ADB President, Afghanistan President Discuss COVID-19 Support; $40 Million Grant". Asian Development Bank. 2020-05-11. Retrieved 2022-04-19.
  4. ^ "TAPI: Impact on Economic Development in Afghanistan and the Region". www.mfa.gov.tm. Retrieved 2022-04-19.
  5. ^ "OECD Biography" (PDF).
  6. ^ "M-RCBG Senior Fellows". www.hks.harvard.edu. Retrieved 2022-04-19.
  7. ^ "Ajmal Ahmady: Afghanistan--What Happened & How to Engage the Taliban". www.hks.harvard.edu. Retrieved 2022-04-19.
  8. ^ Ahmady, Ajmal (September 1, 2021). "Ajmal Ahmady: Research Summary" (PDF). Harvard Kennedy School.
  9. ^ "OECD Biography" (PDF).
  10. ^ World Bank (2019). "World Bank Doing Business Report 2019" (PDF).
  11. ^ Afghan Government. "National Anti-Corruption Strategy".
  12. ^ "Ajmal Ahmady's schedule for 18th International Anti-Corruption Conference". 18iacc.sched.com. Retrieved 2022-04-19.
  13. ^ "Interview with H.E. Ajmal Ahmady, Minister of Industry and Commerce". www.kakaradvocates.com. August 28, 2019.[permanent dead link‍]
  14. ^ "ADB President, Afghanistan President Discuss COVID-19 Support; $40 Million Grant". Asian Development Bank. May 11, 2020.
  15. ^ "Afghanistan-India cargo flights to operate from June 15". in.news.yahoo.com.
  16. ^ Muir, James (17 September 2018). "SpiceJet to operate cargo flights between Delhi and Kabul | AIR CARGO WEEK".
  17. ^ Ahmady, Ajmal (2018-04-04). ""Afghanistan is moving from stabilization to growth" by Ajmal Ahmady". The Hill. Retrieved 2022-04-19.
  18. ^ Supreme Council. "Supreme Council | Da Afghanistan Bank". Dab.gov.af. Retrieved 2021-03-13.
  19. ^ "IMF Executive Board Approves A US$370 Million Extended Credit Facility Arrangement to Support the Islamic Republic of Afghanistan". IMF. Retrieved 2022-04-19.
  20. ^ Monetary, International; Dept, International Monetary Fund Middle East and Central Asia (2021-06-28). Islamic Republic of Afghanistan: First Review Under the Extended Credit Facility Arrangement and Request for Modification of Performance Criteria-Press Release; Staff Report; and Statement by the Executive Director for Islamic Republic of Afghanistan. International Monetary Fund. ISBN 978-1-5135-8720-2.
  21. ^ "Former Afghan central bank chief hints directions to not fight came from top | english.lokmat.com". Lokmat English. 2021-08-17. Retrieved 2021-08-18.
  22. ^ "„Flugzeug hatte weder Treibstoff noch Piloten": spektakuläre Flucht von Afghanistans Zentralbankchef aus Kabul". www.rnd.de (in German). Retrieved 2021-08-18.
  23. ^ Ahmady, Ajmal (August 16, 2021). "Governor of Afghanistan central bank details his escape from Kabul". Twitter. Retrieved 2022-04-19.
  24. ^ "Speakers". Bloomberg New Economy. Retrieved 2022-04-19.
  25. ^ In Conversation with Afghanistan's Former Central Bank Governor, retrieved 2022-04-19
  26. ^ Highlights of an FT subscriber webinar on Afghanistan, 2021-08-26, retrieved 2022-04-19
  27. ^ Ajmal Ahmady Advisor to President, Afghanistan at IOC-2017, retrieved 2022-04-19
  28. ^ gbs17. "H.E. Ajmal Ahmady – Global Investors, Business & Leadership Summit 2020". Retrieved 2022-04-19.{{cite web}}: CS1 maint: numeric names: authors list (link)
  29. ^ "Governor Statements". www.imfconnect.org. Retrieved 2022-04-19.
  30. ^ Geneva, U. N. (2018-11-27), Geneva Conference on Afghanistan, retrieved 2022-05-30
  31. ^ "World Bank Seminar: Policy Challenges for the Financial Sector" (PDF).
  32. ^ "What's Next for Afghanistan's Economy? | Wilson Center". www.wilsoncenter.org. Retrieved 2022-04-19.
  33. ^ "Recent Business Reform and Opportunities for Trade and Investment in Afghanistan". The Heritage Foundation. Retrieved 2022-04-19.
  34. ^ "A special event with Afghanistan's former Central Bank Governor, Ajmal Ahmady". Atlantic Council. Retrieved 2022-04-19.
  35. ^ Ahmady, Ajmal (2022-03-30). "Why Afghanistan Fell". Foreign Affairs. ISSN 0015-7120. Retrieved 2022-04-19.
  36. ^ Ahmady, Ajmal (2021-08-24). "Afghanistan faces an economic crisis, as well as a humanitarian one". Financial Times. Retrieved 2022-04-19.
  37. ^ "The Taliban Can't Print Cash and Other Afghan Business Challenges". Bloomberg.com. 2021-09-07. Retrieved 2022-04-19.
  38. ^ Ahmady, Ajmal (2018-04-04). ""Afghanistan is moving from stabilization to growth" by Ajmal Ahmady". The Hill. Retrieved 2022-04-19.
  39. ^ "AFGHANISTAN FINANCIAL SECTOR – Amid Pandemic and Political Fragility". Bakhtar News Agency. 2021-05-31. Retrieved 2022-04-19.
  40. ^ Matt Egan (20 August 2021). "Former Afghan central banker describes 'complete chaos' of fleeing the country, with one shoe and no bags". CNN. Retrieved 2022-04-19.
  41. ^ "Afghanistan's central bank governor tells of his escape as the Taliban closed in on Kabul". Sky News. Retrieved 2022-04-19.
  42. ^ "US left too quickly, says Afghanistan bank governor". BBC News. 2021-08-17. Retrieved 2022-04-19.
  43. ^ Can the Taliban succeed where president Ghani failed?, retrieved 2022-04-19
  44. ^ "GZERO Media". GZERO Media. Retrieved 2022-04-19.
  45. ^ WION Exclusive: Afghan commerce minister says, 'India is our one of the largest trading partner', retrieved 2022-04-19
  46. ^ "Odd Lots: A Conversation With Ajmal Ahmady, Afghanistan's Former Central Bank Chief on Apple Podcasts". Apple Podcasts. Retrieved 2022-04-19.
  47. ^ "A Conversation With Ajmal Ahmady, Afghanistan's Former Central Bank Chief". Bloomberg.com. 2021-08-23. Retrieved 2022-04-19.
  48. ^ David, Beckworth. "Ajmal Ahmady on the Afghan Economy and the Challenges Facing the Nation's Future". Mercatus Macro Musings.
  49. ^ "Running a central bank with the Taliban at the door – with Ajmal Ahmady". Running a central bank with the Taliban at the door – with Ajmal Ahmady. Retrieved 2022-04-19.
  50. ^ "Afghanistan's economy is in trouble after the Taliban took control". www.wbur.org. Retrieved 2022-04-19.
  51. ^ "Afghanistan's Money Problem : Planet Money". NPR.org. Retrieved 2022-04-19.
  52. ^ Nelson, Eshe; Rappeport, Alan (2021-08-18). "U.S. and I.M.F. Apply a Financial Squeeze on the Taliban". The New York Times. ISSN 0362-4331. Retrieved 2022-04-19.
  53. ^ Wechsler, Josh Lipsky and William F. (2021-08-18). "Opinion | Will the IMF Bankroll the Taliban?". Wall Street Journal. ISSN 0099-9660. Retrieved 2022-04-19.
  54. ^ Afghan Central Bank Chief Warns of Economic Crisis, retrieved 2022-04-19
  55. ^ Filseth, Trevor (2021-09-15). "Afghanistan Headed for Financial Collapse, Former Bank Chief Warns". The National Interest. Retrieved 2022-04-19.
  56. ^ Franck, Thomas (2021-08-18). "U.S. won't let Taliban access Afghanistan's financial assets held in America". CNBC. Retrieved 2022-04-19.
  57. ^ Marino, Kate (2021-09-13). "Afghanistan's cash problem is intensifying a humanitarian crisis". Axios. Retrieved 2022-04-19.
  58. ^ "Afghanistan's currency falls to record low amid ongoing turmoil". www.aljazeera.com. Retrieved 2022-04-19.
  59. ^ "Afghan central bank chief flees Kabul as he blames chaos on Ghani". Nikkei Asia. Retrieved 2022-04-19.
  60. ^ Ahmady, Ajmal (2021-09-08). "The Taliban have their economic work cut out for them". The Japan Times. Retrieved 2022-04-19.
  61. ^ "Exiled Afghan Central Bank Chief Says Taliban-Led Government Faces Major Economic Shocks". Radiofreeeurope/Radioliberty. Retrieved 2022-04-19.
  62. ^ "Afghan central bank says $9 billion reserves abroad". The Economic Times. Retrieved 2022-04-19.
  63. ^ "Afghanistan: Central bank governor talks about 'mayhem and chaos'". Asiamoney. 2021-08-23. Retrieved 2022-04-19.
  64. ^ "US freezes poor Afghanistan's assets after Taliban takeover". US freezes poor Afghanistan's assets after Taliban takeover. Retrieved 2022-04-19.
  65. ^ "Le récit effrayant du patron de la banque centrale d'Afghanistan". Les Echos (in French). 2021-08-17. Retrieved 2022-04-19.
  66. ^ "Afghan central bank chief 'feels terrible' leaving staff behind to flee". The Independent. 2021-08-18. Retrieved 2022-04-19.
  67. ^ John, Issac. "Afghan central bank chief flees as currency drops". Khaleej Times. Retrieved 2022-04-19.
  68. ^ Auto, Hermes (2021-08-17). "Afghan central bank chief flees Kabul, blaming President Ghani for chaos | The Straits Times". www.straitstimes.com. Retrieved 2022-04-19.
  69. ^ Delhi, Amy Kazmin in New; Washington, Katrina Manson in. "Mistrust and mysterious surrenders: how Kabul fell to the Taliban". The Irish Times. Retrieved 2022-04-19.
  70. ^ "Afghan central bank chief Ajmal Ahmady flees Kabul, blaming President Ashraf Ghani for chaos". Moneycontrol. Retrieved 2022-04-19.
  71. ^ "Afganistan Merkez Bankası Başkanı Ajmal Ahmady kaçış hikayesini anlattı: Meslektaşlarım beni uçağa itti". Son Dakika (in Turkish). 2021-08-17. Retrieved 2022-04-19.
  72. ^ "Afghanischer Zentralbankchef: Taliban ohne Zugriff auf Staatsgelder". www.t-online.de (in German). 18 August 2021. Retrieved 2022-04-19.
  73. ^ "Portman, Rubio Urge Treasury to Resist the Release of Internationally-Held Reserves to the Taliban". Senator Rob Portman. 2021-08-30. Retrieved 2022-04-19.
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