December 20, 2021
1 min read

UN calls for urgent stabilisation of banking system in Afghanistan

This comes as 23 million people are already facing hunger and health facilities are overflowing with malnourished children…reports Asian Lite News

The need for liquidity and stabilization of the banking system in Afghanistan is urgent, the UN Emergency Relief Coordinator told a special meeting on Sunday, as he warned that if decisive and compassionate action is not taken immediately, it may “pull the entire population with it”.

“The value of the Afghani currency is plummeting, trade is wrecked by lack of confidence in the financial sector, and the space for borrowing and investment has constricted dramatically,” said Under-Secretary-General for Humanitarian Affairs Martin Griffiths while speaking virtually to the 17th Extraordinary Session of the Organization of Islamic Cooperation (OIC) Council of Foreign Ministers in Islamabad, Pakistan.

“The need for liquidity and stabilisation of the banking system is now urgent – not only to save the lives of the Afghan people but also to enable humanitarian organizations to respond,” he added.

This comes as 23 million people are already facing hunger and health facilities are overflowing with malnourished children. Some 70 per cent of teachers are not getting paid and millions of children – Afghanistan’s future – are out of school.

He said Afghanistan’s economy is now in free fall, and “if we don’t act decisively and with compassion, I fear this fall will pull the entire population with it.”

Griffiths also welcomed World Bank’s Afghanistan Reconstruction Trust Fund to transfer USD 280 million by the end of December to UNICEF and the World Food Programme. “This step should be followed by reprogramming of the whole fund to support the Afghan people this winter.”

“Families simply do not have the cash for everyday transactions, while prices for key commodities continue to rise. The cost of wheat and fuel are up by around 40 per cent and food now accounts for more than 80 per cent of the average household expenditure. Basic social services that all Afghans depend on are collapsing as international development support has frozen up,” he added. (ANI)

ALSO READ: Another blow to crisis-ridden Pakistan

Previous Story

Press freedom: Pakistan slips to 145th spot

Next Story

Taliban urge Afghans to return

Latest from -Top News

Visa Interview Pause Nearing End, Says US

India is the source country for the largest group of international students in the US and Bruce’s comments will be closely followed there….reports Asian Lite News The United States said the pause

White House: Israel OKs Gaza Truce

Hamas said Thursday that its leadership had received a new Gaza ceasefire proposal from Witkoff through the mediators and was studying it…reports Asian Lite News The White House said that Israel has

No Talks Till Terror Ends: India to Pakistan

The MEA’s strong response came at a time when Pakistan, pushed on the backfoot by India’s decisive Operation Sindoor, has suddenly started talking about its intent on having peace talks with India….reports

BNP ramps up poll demand

Chief Adviser Yunus had earlier promised elections in December 2025, but the timeline has since been pushed back first to February 2026 and then to June 2026, fuelling suspicion and dissatisfaction among

Saudi backs India’s strategic outreach

In a series of engagements, the Indian delegation met Saudi Arabia’s Minister of State Adel Al-Jubeir and other senior officials. A high-profile Indian all-party parliamentary delegation, led by BJP MP Baijayant Jay
Go toTop

Don't Miss

Taliban’s promises falling apart

The devastating attacks further increase doubt that the Taliban can

NATO to continue support for Afghan forces after troop withdrawal

“We are ending our military mission in Afghanistan, but we