US sets up Afghan relief fund with frozen central bank money

By FATIMA HUSSEIN
Associated Press

WASHINGTON (AP) — The U.S. and Swiss governments and Afghan economics experts say they’ll transfer $3.5 billion in frozen funds from Afghanistan’s central bank to use for the country’s people as hunger grips every province there. The Taliban government will not be a part of the new Afghan Fund, which will maintain its account with the Bank for International Settlements in Switzerland. The U.S. Treasury and State departments say robust safeguards have been put in place “to prevent the funds from being used for illicit activity.” Afghanistan’s central bank had $7 billion frozen. President Joe Biden called for banks to provide $3.5 billion of it to a trust fund for Afghan relief and basic needs.