US sets up Afghan relief fund with frozen central bank money

By FATIMA HUSSEIN
Associated Press

WASHINGTON (AP) — The Biden administration will transfer $3.5 billion in frozen Afghan central bank funds to benefit the Afghan people as hunger grips every province there. In an announcement Wednesday, a year after the tumultuous U.S. withdrawal, the U.S. said the Taliban government will not have access to the fund, which will be held at the Bank for International Settlements in Switzerland. The Biden administration says robust safeguards have been put in place “to prevent the funds from being used for illicit activity.” Funds will be dispersed after trustees of the new Afghan Fund meet to determine a timetable. The trustees are two Afghan economists, a U.S. government representative and a Swiss government representative.