South Asia and Beyond

Biden’s $3.5 Bn Fund For Frozen Afghan Central Bank Reserves, Taliban, Sanctions & Economic Crisis

New Delhi: On ‘Talking Point’ in Connecticut, USA, Dr Anwar ul-Haq Ahady, one of the four members of the Board of Trustees of the U.S. set up $3.5 billion ‘Afghan Fund’ in Switzerland, Former Afghan Commerce & Industries, Ex-Finance Minister and Ex-Governor of the Afghan Central Bank(Da Afghanistan Bank or DAB) in conversation with StratNews Global Associate Editor Amitabh P. Revi.

Dr Ahady explains the $3.5 billion ‘Afghan Fund’ set up by Executive Order by U.S. President Joe Biden after more that $7 billion in Afghan Central Bank reserves were frozen by the Treasury Department following the Taliban takeover on August 15, 2021, the rationale of the trust “to be used for the benefit of the people of Afghanistan while keeping them out of the hands of the Taliban and other malign actors”, the fund’s account with the Bank for International Settlements (BIS) based in Switzerland”, its purpose, how it could be used to “ensure that additional resources can be brought to bear to reduce suffering and improve economic stability for the people of Afghanistan while continuing to hold the Taliban accountable”, the Taliban rejecting “the decision without any input by Afghanistan as unacceptable and a violation of international norms”, sanctions and the effect on Afghanistan’s economy, India’s humanitarian aid, New Delhi reopening its embassy in Kabul in June 2022 with a “technical team” headed by a Director-level diplomat in the Ministry of External Affairs Bharat Kumar and his meeting with Afghan Central Bank(DAB) officials on the “economic situation, banking matters, coordination and cooperation”.


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