The International Monetary Fund has suspended Afghanistan’s access to IMF resources, including $US455 million ($A630 million) in new monetary reserves, due to a lack of clarity over the country’s government after the Taliban seized control of Kabul.
The IMF’s announcement came amid pressure from the US Treasury, which holds a controlling share in the fund, to ensure Afghanistan’s share of a Special Drawing Rights reserves allocation scheduled for Monday does not fall into Taliban hands.
“There is currently a lack of clarity within the international community regarding recognition of a government in Afghanistan, as a consequence of which the country cannot access SDRs or other IMF resources,” an IMF spokesperson said on Wednesday.
“As is always the case, the IMF is guided by the views of the international community.”
The fund relies on its membership to decide whether to engage with governments that take power in coups or disputed elections.
For example, the IMF suspended dealings with Myanmar after the military seized power in a February coup.
The IMF is due on Monday to complete a $US650 billion allocation of SDRs – the fund’s unit of exchange based on dollars, euros, yen, sterling and yuan – to its 190 member countries in proportion to their shareholdings.
The increase in reserves is aimed at bolstering the balance sheets of poorer countries that have been severely strained by the coronavirus pandemic. Afghanistan, based on its 0.07 per cent quota shareholding, stands to receive about $US455 million.
A US Treasury official said earlier on Wednesday the department was taking steps to prevent the Taliban from accessing the country’s SDR reserves.
