Thursday, September 23, 2021

World Bank halts funding of projects in Afghanistan following Taliban’s takeover

The World Bank has halted funding for projects in Afghanistan yesterday after the Taliban seized control of the country.

It cited concerns over how the Taliban’s takeover will affect the country’s development prospects, especially for women.

The decision by the World Bank to suspend payments to Afghanistan is the latest financial blow to the country’s new government. Last week, the IMF announced that Afghanistan will no longer be able to access the global lender’s resources.

Since 2002 the Washington-based World Bank has committed more than 5.3bn US Dollars  to reconstruction and development projects in Afghanistan.

A Spokesperson of the financial instituition has told the media that they have paused disbursements in their operations in Afghanistan and they are closely monitoring and assessing the situation in line with their internal policies and procedures. The instituition will continue to consult closely with the international community and development partners. And they are exploring ways to remain engaged to preserve hard-won development gains and continue to support the people of Afghanistan.

The USA has also frozen the assets of Afghanistan’s central bank that are held in the country. Da Afghanistan Bank has reserves of roughly 9bn US Dollars most of which is held in the US. Also in the days after the Taliban took control of Kabul, the White House said any assets that Afghanistan’s central bank has in the US would not be made available to the Taliban.

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