IMF blocks access to loans for Afghanistan

Source : 112 Ukraine

The fund made this decision under pressure from the US Treasury, which sought to prevent foreign exchange reserves, which were planned to be distributed on Monday, from falling into the hands of Taliban
12:56, 19 August 2021

New IMF program
112 Agency

After the Taliban seized power in Afghanistan, the International Monetary Fund on August 18 said it had suspended the country's access to its financial resources, including around $440 million in new monetary reserves. This was reported by Reuters with reference to the IMF representative.

The IMF's announcement came amid pressure from the U.S. Treasury, which holds a controlling share in the Fund, to ensure that Afghanistan's share of a Special Drawing Rights reserves allocation scheduled for Monday not fall into Taliban hands.

"There is currently a lack of clarity within the international community regarding recognition of a government in Afghanistan, as a consequence of which the country cannot access SDRs or other IMF resources," an IMF spokesperson said in an emailed statement.

"As is always the case, the IMF is guided by the views of the international community," the spokesperson added.

The Fund has traditionally relied on its membership to decide whether to engage with governments that take power in coups or disputed elections.

On August 15, militants of radical movement Taliban seized Afghanistan.

As a result, hundreds of thousands of people have decided to leave the country. However, after the Taliban took control of all of Afghanistan's state borders, so they could only leave through Kabul airport. Because of that, the capital's airport was in chaos.

Later, Taliban militants blocked ways to Kabul Airport, shot to disperse the crowd.

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