Today: 8 May 2025
14 September 2021
2 mins read

Afghan private sector cautions against economic crisis

The private sector representatives called the freeze of Afghanistan’s reserve by the United States is contrary to the humanitarian laws…reports Asian Lite News

Afghanistan’s private sector on Monday warned that the country would plunge into an economic crisis and called on the US to release its frozen assets.

Afghanistan Chamber of Commerce and Investment (ACCI), Afghanistan Chamber of Mines and Industry (ACMI) – in a press conference in Kabul warned of economic collapse unless the country’s frozen reserves are released, reported Tolo News.

The private sector representatives called the freeze of Afghanistan’s reserve by the United States is contrary to the humanitarian laws and called on the United Nations to defend the rights of the people of Afghanistan in addition to the work it is doing for attracting humanitarian support for Afghanistan.

According to the private sector officials, in the last one month due to disruption in banking systems between Afghanistan and international banks, all the financial transactions has stopped and if this continues the private sector will face severe recession, reported Tolo News.

The officials of the private sector also said currently the international community and the former Afghan government owes billions of AFS from Afghan contractors and if that money is not paid, the contractors will face recession.

The officials also said so far, they have lost hundreds of millions of dollars due to the freezing of Afghanistan assets and the disruption in the banking system.

“We call on the United States and the world to solve the issue with the frozen assets because that money belongs to the people of Afghanistan. If you have political issues with the government or some people, you should not take people’s money hostage,” ACCI acting Director Yunus Mohmand said.

“In the last one month, we even have been unable to take out one cent from our accounts. The plan that allows people to withdraw USD 200 each week, may work for ordinary people, but businessmen cannot do business with USD 200 each week. We cannot withdraw millions of dollars by withdrawing USD 200 each week. The international community please do not pave the way for worsening of the situation,” Khan Jan Alokozay, a member of ACCI said.

Officials of ACMI said most of the factories are facing serious financial shortage and raw materials because they are unable to withdraw money adding that in the last one month over million labourers have not been paid, reported Tolo News.

“In the last one month, we have not paid the wages of our workers. In my own factory, 700 people work and I only have been able to give each 5,000 Afghani to buy the basic needs of their families. With this situation, how we can work? Is this not paving the way for our recession? The world helped us in the past 20 years to grow, and now their wrong policies pave the way for our collapse,” ACMI Director Shirbaz Kaminzada said. (ANI)

ALSO READ: Defeat Of Taliban Central To Free Indo-Pacific

ALSO READ: Taliban tighten grip on Panjshir

Previous Story

India Invites ASEAN Countries To Invest In Health & Pharma Sectors

Next Story

Qatar emerges as bridge between Taliban and world

Latest from -Top News

India Strikes Terror Bases in Pakistan

‘Justice is served’, says Indian Army as Operation Sindoor unfolds In a significant military response to the deadly terror attack in Pahalgam that claimed 26 civilian lives, the Indian Army on Wednesday

UAE Reopens Doors to Lebanon

The prime minister expressed Lebanon’s “utmost gratitude and appreciation to the UAE” and President Sheikh Mohamed bin Zayed Al Nahyan….reports Asian Lite News Lebanon welcomed the decision by the United Arab Emirates

SYRIA RAIDS: Arab League Slams Israel

The Arab League condemned the airstrikes and called on the international community and the United Nations to confront what it described as “repeated violations committed by Israel against the Syrian state.” The

India Rises, Africa Watches 

While struggling economies in Africa engulf themselves in ideological battles and take sides in the tariff battles, nations like India are placing their national interest first and navigating Global Trade challenges in

WAVES 2025: Jaishankar Advocates Cultural Pluralism

External Affairs Minister S. Jaishankar delivered a powerful address at the WAVES 2025 Global Media Dialogue, highlighting the significance of cultural pluralism in shaping global change. Speaking on the second day of
Go toTop

Don't Miss

US’s ultimatum to Taliban over reopening girls schools

In an interview, Rina Amiri said that the Taliban would

Panjshir Resistance, Taliban talks end without result

The Islamic Emirate delegates led by acting Foreign Minister Amir