Shah Mohammad Mehrabi, a board member of the Fund for the Afghan People (the Afghan Fund), told TOLOnews that since the fund’s establishment, its profit has reached $440 million.
According to Mehrabi, the fund was created to stabilize the exchange rate, control price levels, and maintain financial stability within the country.
Mehrabi said: “Currently, the fund has $3.94 billion in assets, with accrued profits of $440 million. These actions demonstrate prudent financial management. Ultimately, the Afghan Fund has established an organized governance framework designed to stabilize Afghanistan’s financial system.”
The Afghan Fund was established in September 2022 in Switzerland by the United States to safeguard $3.5 billion of the country’s assets.
Some economic experts said that the fund’s assets have not yet been practically utilized for the country’s economic growth. They stress that in the current situation, where the afghani currency lacks significant stability against other foreign currencies, the fund should be used to maintain financial stability.
“The Afghanistan Fund serves as a financial backing for the afghani currency, which can enhance its credibility in global markets and also contribute to strengthening international trade,” Abdul Nasir Reshtia, an economic expert, told TOLOnews.
“In these tough economic conditions, we should be able to use these funds. The more dollars flow into the country or generate profits, the better it is for us,” said Mohammad Nabi Afghan, another economic expert.
Although the US Special Inspector General for Afghanistan Reconstruction (SIGAR) has indicated in a report that the US government may consider reviewing the potential return of the remaining $4 billion, the Afghan Ministry of Economy has once again called for the full release of the country’s frozen assets. The ministry emphasized that these assets should be returned to Afghanistan’s central bank.
Abdul Latif Nazari, Deputy Minister of Economy, said: “These assets should be handed over to the central bank as soon as possible to serve as monetary backing and be utilized in Afghanistan’s major economic policies and the basic needs of the Afghan people.”
This comes as, following the collapse of the republican government in August 2021, more than $9 billion of Afghanistan’s assets were frozen by American and European banks.
