Business
U.S. has no plans to release billions in Afghan assets: Reuters
The Biden administration has no plans to release billions in Afghan gold, investments and foreign currency reserves parked in the United States that it froze after the Taliban’s takeover, despite pressure from humanitarian groups and others who say the cost may be the collapse of Afghanistan’s economy.
Much of the Afghan central bank’s $10 billion in assets are parked overseas here, where they are considered a key instrument for the West to pressure the Taliban here to respect women’s rights and the rule of law.
Any unfreezing of these assets may be months away, financial experts said.
Officials from the U.S. State Department, U.S. Treasury, White House National Security Council and other agencies have been in regular discussions about Afghanistan’s finances since the Taliban took over in mid-August, ahead of what the United Nations and others see as a looming humanitarian crisis.
Any decision to release the funds would likely involve top U.S. officials from several departments but will ultimately be up to President Joe Biden, the experts said.
Food and fuel prices are soaring across Afghanistan, amid a shortage of cash triggered by a halt in foreign aid, a halt in dollar shipments and a drought.
The U.S. Treasury this week said it had granted a license here authorizing the U.S. government and its partners to continue to facilitate humanitarian aid in Afghanistan. It also gave Western Union, the world’s largest money transfer firm, and other financial institutions a green light to resume processing here personal remittances to Afghanistan from migrants overseas.
The Treasury Department is not easing sanctions on the Taliban or loosening restrictions on their access to the global financial system, a spokesperson told Reuters.
“The United States government has been in touch with humanitarian partners in Afghanistan, both regarding security conditions on the ground and about their ability to continue their humanitarian work,” the spokesperson said.
“As we maintain our commitment to the Afghan people, we have not reduced sanctions pressure on Taliban leaders or the significant restrictions on their access to the international financial system.”
Shah Mehrabi, an economics professor in Maryland and long-time member of the Afghan central bank’s board, a senior Russian official and humanitarian groups are among those urging the U.S. Treasury to also unfreeze the Afghan assets, saying that lives are at stake.
“The gravity of the situation is so immense. Every day that passes is going to result in more suffering and more exodus of people,” Mehrabi said.
The International Monetary Fund has also blocked the Taliban from accessing some $440 million in new emergency reserves, or Special Drawing Rights, issued by the global lender last month.
Adnan Mazarei, former deputy director of the IMF and now a fellow at the Peterson Institute for International Economics, said the United States could not legally release the Afghan assets until there was an internationally recognized government, and that could take many months to occur. The IMF could not act until its board voted, once a government was recognized.
He said a central bank’s reserves are typically not touched except as a last resort. Even Iran, struggling under intense international sanctions, has not used its IMF emergency reserves, he said.
Brian O’Toole, a former Treasury Department official now with the Atlantic Council, said a release of the Afghan assets would not solve Afghanistan’s considerable problems.
“Just releasing those funds doesn’t stabilize the Afghan economy, or do anything like that. What it does is give the Taliban access” to billions of dollars, he said. “I don’t think there’s gonna be a lot of appetite in the U.S. to do that, nor should there be.”
Business
Afghanistan, Kyrgyzstan establish trade council to boost economic cooperation
The two sides signed a memorandum of understanding to establish the Afghanistan-Kyrgyzstan Trade Council.
The Embassy of the Islamic Emirate of Afghanistan in Kyrgyzstan says the Afghanistan-Kyrgyzstan Business Forum has been held with the participation of officials from both countries.
According to a statement issued by the embassy, Acting Ambassador Abdul Shakoor Haqqani said Afghanistan supports strengthening bilateral trade relations and promoting joint economic initiatives between the two countries.
The statement added that the two sides signed a memorandum of understanding to establish the Afghanistan-Kyrgyzstan Trade Council. The council aims to strengthen ties between business communities, coordinate joint initiatives, and expand and support economic projects.
Meanwhile, Sayed Karim Hashemi, Chairman of the Afghanistan Chamber of Commerce and Investment, arrived in Kyrgyzstan on Saturday at the head of a trade delegation to participate in the forum.
Business
Afghanistan invites Turkish investors to expand joint investments
Participants stressed the importance of increasing private sector cooperation and creating new opportunities to boost trade and investment between Afghanistan and Türkiye.
A high-level Afghan business delegation, led by the Chairman of the Balkh Chamber of Commerce and Investment, Mohammad Ibrahim Ghazanfar, participated in the Afghanistan–Türkiye Joint Business Council meeting in Istanbul, calling for expanded joint investment and stronger economic cooperation between the two countries.
According to a statement from the Balkh Chamber of Commerce and Investment, Ghazanfar invited Turkish investors and industrialists to explore investment opportunities across various sectors in Afghanistan, emphasizing the country’s potential for mutually beneficial partnerships.
The meeting brought together business leaders, investors, and private sector representatives from both Afghanistan and Türkiye to discuss ways to strengthen bilateral trade and economic ties.
During the event, several cooperation agreements were signed between Afghan and Turkish economic institutions. The agreements are aimed at expanding commercial relations, promoting joint investment projects, and enhancing economic cooperation between the two countries.
The meeting was chaired by Süleyman Güllü, Chairman of the Türkiye–Afghanistan Joint Business Council, and was attended by Mohammad Akbar Azimi, the Islamic Emirate of Afghanistan’s Consul General in Istanbul, along with a number of businessmen and investors from both countries.
Participants stressed the importance of increasing private sector cooperation and creating new opportunities to boost trade and investment between Afghanistan and Türkiye.
Business
Afghanistan chamber, India’s ASSOCHAM sign MoU to enhance trade and investment cooperation
The Afghanistan Chamber of Commerce and Investment (ACCI) and the Associated Chambers of Commerce and Industry of India (ASSOCHAM) have signed a memorandum of understanding (MoU) aimed at strengthening bilateral trade, investment, and business cooperation between India and Afghanistan.
The agreement was signed in New Delhi by Saurabh Sanyal, Secretary General of ASSOCHAM, and Sayed Mohammad Karim Hashemi, Chairman of ACCI, during a meeting between business leaders from the two countries, ASSOCHAM said in a statement.
The Afghan delegation, led by Hashemi, held discussions with Nirmal Kumar Minda, President of ASSOCHAM, and other officials on ways to expand bilateral trade, investment flows, and private-sector cooperation.
According to ASSOCHAM, the MoU seeks to strengthen institutional collaboration, promote business-to-business linkages, and facilitate greater trade and investment opportunities between India and Afghanistan.
The organization said it remains committed to fostering stronger economic ties and creating new avenues of cooperation between the business communities of both countries.
-
Latest News2 days agoTAPI project sees rapid progress in Afghanistan
-
International Sports4 days agoKnockout picture begins to take shape at FIFA World Cup 2026
-
International Sports1 day agoFIFA World Cup: Iran held by Egypt after controversial late goal Is disallowed
-
Latest News4 days agoAfghanistan’s SCO participation blocked over one member’s objection, Kabulov says
-
International Sports3 days agoFIFA World Cup: Messi turns 39, shows no signs of stopping
-
Latest News4 days agoEU allocates 20 million euros to support returnees in Afghanistan
-
Regional4 days agoIran’s Pezeshkian says without missiles his country would be ‘just like Gaza’
-
Business4 days agoAfghanistan chamber, India’s ASSOCHAM sign MoU to enhance trade and investment cooperation
