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World Bank freezes funds for Afghanistan

World Bank freezes funds for Afghanistan

Kabul, Aug 25 (Prensa Latina) The World Bank froze funds for projects being developed in Afghanistan after the Taliban seized power.
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The suspension of financial aid to Afghanistan is a new blow to an economy that depends largely on foreign aid and faces rising food prices, as per the TOLO news channel.

The World Bank committed more than $5.3 billion to development projects in Afghanistan, according to the organization’s website.

The Afghanistan Reconstruction Trust Fund, administered by the World Bank, raised more than $12.9 billion.

‘We have paused disbursements in our operations in Afghanistan and we are closely monitoring and assessing the situation in line with our internal policies and procedures,’ said World Bank spokeswoman Marcela Sánchez-Bender.

The International Monetary Fund (IMF) had previously suspended access to the resources by Afghanistan, including $440 million in new monetary reserves, allegedly due to a lack of clarity about the country’s government after the Taliban seized the capital of the country.

The IMF announcement came amid pressure from the US Treasury Department, which has a majority stake in the fund.

After 20 years of war, Afghanistan faces an economic collapse and foreign countries and institutions said they will withdraw aid and money sent to the country after the insurgents come to power.

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