World News | “Afghanistan Fund” established to help Afghan people: US

WASHINGTON, Sept. 15 (PTI) — The Biden administration announced the establishment of a platform to begin spending $3.5 billion for the benefit of the Afghan people, drawing on funds frozen and confiscated from the Central Bank of Afghanistan by President Joe Biden after the Taliban took over Afghanistan. country last year.

The Switzerland-based “Afghanistan Fund,” which the United States launched on Wednesday with its international partners, the Swiss government and Afghan economic experts, will facilitate access to certain Afghan central bank reserves for the benefit of the Afghan people without benefiting them. Taliban.

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In February, President Biden instituted a policy that would enable the $3.5 billion in central bank reserves of Afghanistan to be used for the benefit of the Afghan people.

“Through the Afghanistan Fund, the U.S. and our partners are delivering on this commitment, taking concrete steps towards ensuring that these additional resources help alleviate the hardship and suffering in Afghanistan. In particular, we would like to thank the Swiss government for their partnership , to ensure this effort is possible,” State Department spokesman Ned Price told reporters at his daily news briefing on Wednesday.

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He said the fund would protect and preserve Afghanistan’s central bank’s reserves while making targeted spending to help stabilize Afghanistan’s economy and ultimately support its people and work to mitigate the worst effects of the humanitarian crisis. The Afghan Fund will maintain its account with the Swiss Bank for International Settlements (BIS), he said.

The External Auditor will monitor and audit the Afghanistan Fund as required by Swiss law. Price said the Taliban were not part of this financing mechanism and that the resources allocated would benefit the Afghan people, with clear safeguards and audits to prevent diversion or abuse.

“In addition to our leadership in establishing this fund, the United States remains the largest donor of humanitarian aid to the Afghan people,” he said, adding that the effort has been along multiple tracks, including partnering with the world to provide assistance to the Afghan people. In addition to the more than $814 million in humanitarian assistance provided by the Afghan people, the World Bank and the Asian Development Bank will provide more than $1 billion in humanitarian assistance and support for their basic needs.

“Through these measures, we will help the Afghan people as the Afghan economy faces serious structural problems that cannot be resolved with external support and on its own. The United States has made it clear to the Taliban that they have a responsibility to undertake the key reforms we have repeatedly outlined,” Price said.

Price said the U.S. would need to allocate funds currently located in the U.S. to the Afghan fund in Switzerland.

“It will take a bit of time. Of course we will do it as quickly as possible. But another key point is that the Afghan Fund clearly does not intend to make humanitarian payments,” he said.

“The Afghan Fund itself is designed to promote macroeconomic stability within Afghanistan. As such, we will remain the largest humanitarian donor to the Afghan people,” he added.

“The fund is designed to provide macroeconomic stability to Afghanistan, which will increase the effectiveness of humanitarian aid from the United States and other donors,” he said.

“The Afghan people face a humanitarian and economic crisis brought on by decades of conflict, severe drought, COVID-19 and endemic corruption,” said U.S. Deputy Secretary of State Wendy Sherman.

“Today, the United States and its partners have taken an important and concrete step forward to ensure that additional resources are available to alleviate the suffering of the Afghan people and improve economic stability, while continuing to hold the Taliban accountable.”

“The Afghanistan Fund will help alleviate the economic challenges facing Afghanistan while protecting and preserving the $3.5 billion reserves of Afghanistan’s central bank, the Afghan Bank (DAB), for the benefit of the Afghan people,” said Deputy U.S. Treasury Secretary Wally Adeyemo.

“The Taliban’s repression and economic mismanagement have exacerbated Afghanistan’s longstanding economic challenges, including actions that have weakened the capacity of key Afghan economic institutions and prevented the return of these funds to Afghanistan. Through this fund, the United States will work closely with our international partners. work together to facilitate the use of these assets to improve the lives of ordinary Afghans.”

(This is an unedited and auto-generated story from the Syndicated News feed, the body of the content may not have been modified or edited by LatestLY staff)