Wednesday, May 29, 2024

World Bank to unfreeze $280M of Afghanistan’s reserves

Immigration News

Najibullah Lalzoy
Najibullah Lalzoy
Najibullah Lalzoy is a journalist and editor at Khaama Press. He has a BA degree in journalism.

The World Bank’s Board has decided to release $280 million of Afghanistan’s frozen fund to help tackle the country’s deepening humanitarian crisis.

The World Bank is intended to be transferring the money to two aid agencies-World Food Program (WFP) and UNICEF, told a familiar source to the matter.

The sources have told Reuters that, the 31 donors to the World Bank-administered Afghanistan Reconstruction Trust Fund (ARTF) must approve the transfer before the money flow to the two aid agencies.

The donors are reportedly expected to be meeting on Friday, December 2.

The move will be one of the greatest news for the people of Afghanistan after the Taliban takeover.

World Bank conducted an informal meeting on Tuesday to consider releasing $500 million of the $1.5 billion funds aided in the ARTF to humanitarian aid agencies.

The White House and Treasury Department have not immediately commented on the issue but the department has previously confirmed that banks can conduct money transactions for humanitarian purposes to Afghanistan.

Analysts say that the money can definitely help tackle Afghanistan’s crisis up to some certain point but say the big question is how to transfer the fund into Afghanistan as financial agencies are afraid of US sanctions.

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