The Taliban are not a part of the Afghan Fund, and robust safeguards have been put in place to prevent the funds from being used for illicit activity.

WASHINGTON, Sep 14 (The CONNECT) - The United States today announced the establishment of the Afghan Fund in association with the international partners.

The fund, to be floated through the Department of the Treasury and the Department of State, and in coordination with international partners including the government of Switzerland and Afghan economic experts, will be kept out of the hands of the Taliban and other “malign actors”, the US said officially.

Wendy Sherman, United States Deputy Secretary of State.

“Today, the United States and its partners take an important, concrete step forward in ensuring that additional resources can be brought to bear to reduce suffering and improve economic stability for the people of Afghanistan while continuing to hold the Taliban accountable.”

“The United States remains committed to supporting the people of Afghanistan amidst ongoing economic and humanitarian crises,” the government said. Pursuant to Executive Order (E.O.) 14064, President Biden set a policy of enabling $3.5 billion of Afghan central bank reserves to be used for the benefit of the people of Afghanistan while keeping them out of the hands of the Taliban and other malign actors. The Afghan Fund will protect, preserve, and make targeted disbursements of that $3.5 billion to help provide greater stability to the Afghan economy.

The Taliban are not a part of the Afghan Fund, and robust safeguards have been put in place to prevent the funds from being used for illicit activity. The Afghan Fund will maintain its account with the Bank for International Settlements (BIS) based in Switzerland.

The BIS is an international financial organization that provides a range of financial services, including banking services to central banks, monetary authorities and international financial institutions (see www.bis.org). An external auditor will monitor and audit the Afghan Fund as required by Swiss law.

“The people of Afghanistan face humanitarian and economic crises born of decades of conflict, severe drought, COVID-19, and endemic corruption,” Sherman said.