The United States, in coordination with the government of Switzerland and Afghan economic experts, has announced the establishment of a fund to benefit the people of Afghanistan, or the “Afghan Fund.”
The United States remains committed to supporting the people of Afghanistan amidst ongoing economic and humanitarian crises. Pursuant to Executive Order 14064, President Joe Biden has enabled $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. The Afghan Fund will make targeted disbursements of that $3.5 billion to help provide greater stability to the Afghan economy.
“The people of Afghanistan face humanitarian and economic crises born of decades of conflict, severe drought, COVID-19, and endemic corruption,” said Wendy Sherman, United States Deputy Secretary of State. With the establishment of the Afghan Fund, “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.”
Wally Adeyemo, United States Deputy Secretary of the Treasury, said “The Taliban’s repression and economic mismanagement have exacerbated longstanding economic challenges for Afghanistan, including through actions that have diminished the capacity of key Afghan economic institutions and made the return of these funds to Afghanistan untenable. Through this Fund, the United States will work closely with our international partners to facilitate use of these assets to improve the lives of ordinary people in Afghanistan.”
“The United States is already the largest donor of humanitarian assistance,” Deputy Secretary Sherman noted. “We have worked
with the World Bank and Asian Development Bank to make available more than $1 billion in assistance for basic services and other urgent needs, in addition to providing over $814 million in
U.S. humanitarian aid directly to implementing partners to support the Afghan people while preventing funds from benefiting the Taliban. Now, the Afghan Fund will be part of our ongoing
diplomatic and humanitarian efforts on behalf of the people of Afghanistan.”