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IEA signs agreement with Turkmenistan and Iran to import oil and gas

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(Last Updated On: July 25, 2022)

The Islamic Emirate of Afghanistan (IEA) has signed contracts with Turkmenistan and Iran to import thousands of tons of oil and gas – amid rising fuel prices not only in Afghanistan but also globally.

The acting deputy prime minister’s office said Monday that the public can expect changes in oil and liquid gas prices in the near future, adding that thousands of tons of gas has arrived at the land ports of Aqina, Hairatan and Torghandi.

However, the Herat police command said that they have seized tons of low-quality oil in recent months.

“We ask national businessmen to stop importing low-quality oil into the country, and if anyone still imports low-quality oil, they will be prosecuted,” said Juma Khan Elham, head of the anti-corruption unit at Herat police command.

At present, the price of gas and oil in the country has risen dramatically.

“The Islamic Emirate of Afghanistan has signed a large oil import contract with Iran, which will arrive soon, so we are trying to lower the price of oil,” said Ahmad Shah Ezat, head of Herat Petroleum and Liquid Gas Department.

On the other hand, residents of Herat want the IEA to control the price of fuel on the domestic market.

“We request the government control the price of oil, one liter of oil is 85 AFN,” said Ratib Hamidi, a resident of Herat.

While shipments of fuel as per the latest agreements with Iran and Turkmenistan have not yet arrived in the country, IEA authorities have said once landed and on the open market, the prices will be reduced.

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Musk says Twitter deal could move ahead with ‘bot’ info

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(Last Updated On: August 6, 2022)

Elon Musk said Saturday his planned $44 billion takeover of Twitter should move forward if the company can confirm some details about how it measures whether user accounts are ‘spam bots’ or real people, AP reported Saturday. 

The billionaire and Tesla CEO has been trying to back out of his April agreement to buy the social media company, leading Twitter to sue him last month to complete the acquisition. Musk countersued, accusing Twitter of misleading his team about the true size of its user base and other problems he said amounted to fraud and breach of contract.

Both sides are headed toward an October trial in a Delaware court.

“If Twitter simply provides their method of sampling 100 accounts and how they’re confirmed to be real, the deal should proceed on original terms,” Musk tweeted early Saturday. “However, if it turns out that their SEC filings are materially false, then it should not.”

Twitter declined comment Saturday. The company has repeatedly disclosed to the Securities and Exchange Commission an estimate that fewer than 5% of user accounts are fake or spam, with a disclaimer that it could be higher. Musk waived his right to further due diligence when he signed the April merger agreement.

Twitter has argued in court that Musk is deliberately trying to tank the deal because market conditions have deteriorated and the acquisition no longer serves his interests. In a court filing Thursday, it describes his counterclaims as an imagined story “contradicted by the evidence and common sense.”

“Musk invents representations Twitter never made and then tries to wield, selectively, the extensive confidential data Twitter provided him to conjure a breach of those purported representations,” company attorneys wrote.

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Fresh fruits exports from Afghanistan increase this year: ACCI

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(Last Updated On: August 5, 2022)

Afghanistan Chamber of Commerce & Investment (ACCI) said Friday that fresh fruits exports have increased from the country abroad.

According to ACCI, the export of fresh fruits have increased significantly compared to previous years, and most of these fruits are exported to Pakistan, India and some other neighboring countries of Afghanistan.

ACCI members have added that if the export process continues in the same way, gardeners and traders can export fresh seasonal fruits regularly.

According to the members of this chamber, Pakistan has recently provided more facilities for Afghanistan’s exports.

However, producers and exporters of fresh fruit in the country said that compared to last year, melon products have decreased by 50 percent, adding that there is little consideration for the expenses and efforts of farmers for the price at which their products are sold, and there is a need for better marketing for their products.

Meanwhile, traders said that due to recent droughts and natural disasters, the harvest of fresh fruit has decreased.

On the other hand, the decrease in the price of Pakistani currency has caused traders to face many problems in trading goods with this country.

Economic experts said that the government should find different markets for the country’s fresh fruit exports.

According to them, in order to prevent the spoilage of farmers’ and gardeners’ products, cold storages should be set up in the country.

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HRW urges governments, IEA to reach agreement on banking issues

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(Last Updated On: August 5, 2022)

Afghanistan’s humanitarian crisis cannot be effectively addressed unless the United States and other governments ease restrictions on the country’s banking sector to facilitate legitimate economic activity and humanitarian aid,” Human Rights Watch said in a statement on Thursday.

It said that the US air strike killing the al-Qaeda leader Ayman al-Zawahri should not derail ongoing discussions between the US and Afghanistan to urgently reach an agreement allowing ordinary Afghans to engage in legitimate commercial activity.

“Afghanistan’s intensifying hunger and health crisis is urgent and at its root a banking crisis,” said John Sifton, Asia advocacy director at Human Rights Watch. “Regardless of the Taliban’s (IEA) status or credibility with outside governments, international economic restrictions are still driving the country’s catastrophe and hurting the Afghan people.”

Despite actions by the US and others to license banking transactions with Afghan entities, Afghanistan’s central bank remains unable to access its foreign currency reserves or process or receive most international transactions. As a result, the country continues to suffer from a major liquidity crisis and lack of banknotes, HRW noted.

Businesses, humanitarian groups, and private banks continue to report extensive restrictions on their operational capacities. At the same time, because outside donors have severely cut funding to support Afghanistan health, education, and other essential sectors, millions of Afghans have lost their incomes, according to HRW.

Overall, more than 90 percent of Afghans have been suffering from some form of food insecurity since last August, skipping meals or whole days of eating and engaging in extreme coping mechanisms to pay for food, including sending children to work, HRW said.

“Importers are struggling to pay for goods, humanitarian groups are facing problems with basic operations, and the Afghan diaspora can’t send enough money to their relatives and friends,” Sifton said. “Millions of hungry Afghans are experiencing the abysmal reality of seeing food at the market but being unable to purchase it.”

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