Afghanistan on brink of economic collapse as cash crisis deepens

Afghanistan on brink of economic collapse as cash crisis deepens

KABUL, Afghanistan — Ever since the Taliban took over Afghanistan’s capital on Aug. 15, the country’s already fragile economy has spiraled into despair.

Foreign assistance, which previously propped up the nation of 38 million, was immediately frozen. The US halted $9.4 billion in reserves to the country’s central bank. The International Monetary Fund and World Bank have also halted loans, and the Financial Action Task Force, the France-based global terror-funding watchdog, warned its 39 full member nations to block Taliban assets.

With much of the international community refusing to recognize the Taliban regime, officially termed the Islamic Emirate of Afghanistan, hard cash is barely trickling in.

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The currency has been crumbling, all while prices for essential goods have been soaring. And the financial crisis is fast morphing into a humanitarian catastrophe.

The United Nations this week pledged more than $1 billion in aid for Afghanistan, cautioning that 97 percent of the population could soon plummet below the

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