World Bank halts financial support for Afghanistan amid concerns over plight of women under the Taliban Business News

The World Bank has halted funding for projects in Afghanistan, citing concerns about the plight of women and the country’s future after the Taliban took power in Kabul.

Officials expressed “deep concerns” about the current situation in Afghanistan and its “impact on the country’s development prospects, especially for women.”

This development comes as another blow to the Afghan economy after the International Monetary Fund (IMF) suspended payments and the Biden administration froze Afghan government assets held in the country’s central bank.

“We have suspended disbursements in our operations in Afghanistan and we are closely monitoring and evaluating the situation in accordance with our internal policies and procedures,” a World Bank spokesperson told the BBC.

“We will continue to consult closely with the international community and development partners. Together with our partners, we are exploring ways to stay engaged to preserve hard-won development gains and continue to support the Afghan people.

The announcement came after the World Bank told its staff on Friday that all Kabul office officials and their families had been safely evacuated from Afghanistan to Pakistan.

Last week, the International Monetary Fund (IMF) announced that it was freezing the distribution of around $ 400 million in emergency funds to Afghanistan after the Taliban took control.

The IMF said this was due to “lack of clarity within the international community” in recognizing the new Taliban-led government in Afghanistan.

The current crisis has lowered the value of the local Afghan currency against the dollar and raised the prices of basic necessities such as food and medicine. The prices of basic commodities such as flour, oil and rice swelled by 10-20% as banks remained closed in the capital.

International aid groups are also worried about the suspension of commercial flights to Afghanistan, which may cripple the aid supply in the country.

Previously, the United States had said the Taliban would not be allowed to access assets that were in the Afghan central bank.