The Biden administration has worked with Switzerland and Afghan economists to set up a new fund that could transfer billions of dollars in frozen Afghan money to promote economic stability in the country, according to two senior US officials.
The US is moving $3.5 billion to the new “Afghan Fund,” but officials said they won’t release the money imminently because there is no trusted institution in Afghanistan to guarantee the funds will benefit the Afghan people, the officials said. Transferring these funds to the Afghan central bank will depend on two key factors: responsible management of the bank and assurances that the funds will not be diverted to terrorists or criminals, the officials added.
Lawmakers have pushed the Biden administration to release the funds in order to keep the country running, for necessities such as paying teacher salaries. Last month, the UN said that the humanitarian support being provide to the country is not enough to sustain its economy. The timing of when the central bank could meet the expectations laid out is hard to estimate, US officials said this week.
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