For Afghanistan’s development, international community must lift sanctions: MoE

The Ministry of Economy (MoE) says the country’s ongoing economic crisis is due to continued economic and banking sanctions and the freezing of Afghanistan’s foreign reserves.

According to MoE officials, although basic economic projects have not been implemented in Afghanistan in the past two decades, the Islamic Emirate is trying to use all the facilities it has to solve the country’s economic problems.

“In the past year and a half, the economic problems that Afghanistan has had, some are internal and some are external factors,” said Abdulrahman Habib, the economy ministry’s spokesperson.

“The freezing of the country’s national assets and the sanctions imposed on our financial and banking system have directly affected domestic and foreign business activities.”

Members of the private sector meanwhile have also criticized the continuation of global sanctions on Afghanistan, saying that if the banking sanctions are lifted and the frozen funds are released, the economy will improve.

“Their conditions [external investors] for investment are insurance issues, international transactions, and some laws that in light of these issues they can come to the country and invest,” said Shirbaz Kaminzadeh, the head of the Afghan Chamber of Industries and Mines.

“When the framework is not ready for investors, I don’t think big companies will come [to Afghanistan for investment],” he added.

Economic experts also consider the pressure and sanctions imposed by the international community as the cause of the current crisis in Afghanistan and add that if the country’s banking sector is freed from sanctions, Afghan investors will work towards resolving the country’s economic problems.