SAARC CCI asks US to unfreeze Afghan foreign reserves

LAHORE:SAARC Chamber of Commerce and Industry on Sunday urged US to unfreeze all foreign reserves of Afghan; otherwise, economic crisis caused by draining coffers could trigger ever bigger catastrophe in memory in the war-ravaged country.

The SAARC CCI President Iftikhar Ali Malik stated that Pakistan’s principal position on the frozen Afghan foreign bank reserves remains that these are owned by the Afghan nation and these should be released. The utilisation of Afghan funds should be the sole sovereign decision of Afghanistan, he added.

Pakistan has been advocating for the release of Afghanistan’s frozen money so that the economic crisis facing the war-torn country could be addressed on top priority. The humanitarian catastrophe in Afghanistan and its economic crisis are inextricably linked.

Iftikhar Ali Malik asked the international community especially western countries and US to play constructive role in alleviating the sufferings of innocent Afghans and emphasised that “time is of the essence”. He said actually frozen reserves are not meant for humanitarian aid but to back up the country’s currency, help in monetary policy and manage the country’s balance of payment.

All reserves held overseas are meant to facilitate international trade and stabilise financial sectors. The people of Afghanistan are sole proprietor of these foreign reserves and US decision is one sided and doesn’t match with international law, he added.