World Bank Pauses Financial Aid to Afghanistan

World Bank
World Bank

The World Bank is halting all financial assistance for projects to Afghanistan in the aftermath of the Taliban (a terrorist organization banned in Russia) assuming power in the country, a World Bank spokesperson said Wednesday.

“We have paused disbursements in our operations in Afghanistan and we are closely monitoring and assessing the situation in line with our internal policies and procedures. As we do so, we will continue to consult closely with the international community and development partners,” the spokesperson of World Bank told CNBC broadcaster.

Deep concern was also expressed by the organization in relation to “the impact on the country’s development prospects, especially for women.”

The World Bank has invested $5.3 billion for development projects in the country, according to the organization’s website.

The move comes shortly after the International Monetary Fund started blocking Afghanistan’s access to all its resources. This includes $440 million worth of Special Drawing Rights (SDRs) to which Afghanistan was entitled from a total of $650 billion worth of SDRs the Fund allocated on Monday to its members in an effort to boost the post pandemic recovery.

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