Tuesday, May 17, 2022
HomeNews ReportsBiden to split $7 billion frozen Afghan assets between compensation for 9/11 victims and...

Biden to split $7 billion frozen Afghan assets between compensation for 9/11 victims and ‘humanitarian aid’ for Afghanistan

When the Taliban took over Afghanistan in August, there was more than $7 billion in central bank funds with the Federal Reserve Bank of New York.

According to sources, United States President Biden is slated to release an executive order on Friday directing the transfer of $7 billion of Afghan assets blocked in the US economic system to support humanitarian aid in Afghanistan and compensation for 9/11 victims.

The decision would oblige US financial system to divide the assets into two parts with one to set aside $3.5 billion in assets for Afghan relief and basic necessities and the remaining $3.5 billion would be maintained in the US and used to support continued litigation by the 9/11 victims.

The White House’s National Security Council, according to the New York Times, led months of discussions on central bank funds including top officials from departments such as Justice, State, and Treasury.

When the Taliban took over Afghanistan in August, there was more than $7 billion in central bank funds with the Federal Reserve Bank of New York. The funds were made inaccessible for withdrawal since it was no longer clear who had legal permission to have access to that account.

After the Taliban took over Afghanistan, they nominated their own person to oversee the national bank and demanded that the money stored in New York be released immediately. However, they were not able to access the funds because they are still on international sanction lists.

Notably, the Taliban has repeatedly requested the release of Afghan assets blocked in the United States following their takeover of the nation, claiming that economic instability at home may lead to unrest internationally.

Several governments committed hundreds of millions of dollars in help but did not commit funding because they are apprehensive that the Taliban will agree to a more inclusive government.

Since the Taliban assumed control, the country’s long-struggling economy has been in a nosedive. Since August, the humanitarian situation in Afghanistan has deteriorated significantly.

  Support Us  

Whether NDTV or 'The Wire', they never have to worry about funds. In name of saving democracy, they get money from various sources. We need your support to fight them. Please contribute whatever you can afford

OpIndia Staff
OpIndia Staffhttps://www.opindia.com
Staff reporter at OpIndia

Related Articles

Trending now

Recently Popular

- Advertisement -

Connect with us

255,564FansLike
588,929FollowersFollow
26,500SubscribersSubscribe