INSUBCONTINENT EXCLUSIVE:
The board of a Swiss-based trust fund managing some $3.5 billion in frozen assets seized after the Islamic Emirate of Afghanistan(IEA) took
power last year is meeting in Geneva for the first time on Monday, a Swiss government spokesperson confirmed.The frozen central bank
reserves were recently transferred from Washington into the ‘Fund for the Afghan People& where US officials say it will be shielded from
The latter has condemned the transfer, calling it a violation of international norms.The agenda of the meeting is not yet public.The fund&s
statutes says its purpose is to &receive, protect, preserve and disburse assets for the benefit of the Afghan people&
But how and when the four-member board will disburse the money remains to be decided, Reuters reported.After decades of war and drought,
half of Afghanistan&s population, or 24 million people, are in need of humanitarian assistance according to the United Nations.However, a
full-scale transfer back to Afghanistan&s central bank, known as DAB, is seen as all but impossible with a top official who is under both US
and UN sanctions.The Swiss fund&s statutes indicate that disbursements will be for macroeconomic purposes, such as foreign exchange rate and
price stabilization.The $3.5 billion forms part of an original $7 billion being held in the United States following the IEA takeover in
The other half is being contested in lawsuits against the IEA stemming from the Sept
11, 2001 attacks on the United States.Trustees include Swiss foreign ministry official Alexandra Baumann, United States Ambassador to
Switzerland Scott Miller, Anwar Ahady, a former Afghan central bank chief and former finance minister, and Shah Mehrabi, a United States
academic who remains on the DAB Supreme Council.The post Swiss-based trust fund for frozen Afghan assets meets in Geneva first appeared on
