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US to move $3.5bn in Afghan assets to Swiss-based trust
The United States says it will transfer $3.5bn in Afghan central bank assets – part of the reserves seized after the Taliban took power in August last year – into a new Swiss-based trust fund.The new Afghan Fund, managed by an international board of trustees, and shielded from the Taliban, could pay for critical imports, such as electricity, cover debt payments to international financial institutions, and fund the printing of new currency.
“The Afghan Fund will protect, preserve and make targeted disbursements of that $3.5 billion to help provide greater stability to the Afghan economy,” the US Treasury said in a statement on Wednesday, according to the Reuters news agency.
The creation of the new trust fund comes after months of talks between US President Joe Biden’s administration, Switzerland, other parties and the Taliban, who demand the return of billions of dollars in Afghan central bank assets held in the US and elsewhere.
There was no immediate comment by the Taliban. In June, a Taliban government source, speaking on condition of anonymity, told Reuters that while the group did not reject the concept of a trust fund, they opposed third-party control of the fund that would hold and disburse returned reserves.US officials said no money would go to the Afghan central bank, known as DAB, until it is “free of political interference” – diplomatic parlance for replacing the bank’s top Taliban officials, two of whom are under US and United Nations sanctions, with banking professionals – and anti-money laundering safeguards are instituted.
“Until these conditions are met, sending assets to DAB would place them at unacceptable risk and jeopardize them as a source of support for the Afghan people,” US Deputy Treasury Secretary Wally Ademeyo said in a letter to the central bank’s Supreme Council seen by Reuters.
The new fund is housed in the Bank for International Settlements (BIS), which provides financial services to central banks. In a statement on Wednesday, BIS said it was “establishing a customer relationship” with the new fund.
“The BIS’ role is limited to providing banking services to and executing the instructions of the Board of Trustees of the Fund without involvement in the Fund’s governance or decision making. The BIS will comply with all applicable sanctions and regulations,” it added.
It will not resolve serious problems driving dire economic and humanitarian crises threatening to worsen as winter approaches. Nearly half of Afghanistan’s 40 million people face “acute hunger,” according to the United Nations.US officials said the fund will be overseen by a board comprising a US government representative; a Swiss government representative; Anwar-ul-haq Ahady; a former Afghan central bank chief and former finance minister; and Shah Mehrabi, a US academic who remains on the DAB Supreme Council.
The Taliban’s biggest fiscal challenge is developing new revenues to compensate for financial aid that provided up to 75 percent of government spending that the US and other donors ended after the Taliban takeover.The economic woes have also been driven by decades of war, drought, the COVID-19 pandemic, endemic corruption and a cut-off of the central bank from the international banking system.
US President Joe Biden, in February sequestered “for the benefit of the Afghan people” the $3.5bn in DAB assets to be transferred into the new trust fund.The other $3.5bn is being contested in lawsuits against the Taliban stemming from the September 11, 2001 attacks on the US. Courts could decide to release that money, which could be deposited in the new trust fund.Another approximately $2bn in Afghan central bank assets held in European and Emirati banks also could end up in the fund. Source: Al Jazeera
The U.S. Embassy in Colombo welcomed the U.S. Sports Envoys to Sri Lanka, former National Basketball Association (NBA) and Women’s National Basketball Association (WNBA) players Stephen Howard and Astou Ndiaye, from June 8 through 14.
The Public Diplomacy section of the U.S. Embassy said that it would launch a weeklong basketball program intended to harness the unifying power of sports, made possible through collaboration with Foundation of Goodness and IImpact Hoop Lab.
While in Sri Lanka, Howard and Ndiaye, both retired professional basketball players, will conduct a weeklong program, Hoops for Hope: Bridging Borders through Basketball. The Sports Envoys will lead basketball clinics and exhibition matches and engage in leadership sessions in Colombo and Southern Province for youth aged 14-18 from Northern, Uva, Eastern and Western Provinces, offering skills and leadership training both on and off the court. The U.S. Envoys will also share their expertise with the Sri Lanka Basketball Federation, national coaches, and players, furthering the development of basketball in the country. Beyond the clinics, they will collaborate with Sri Lankan schoolchildren to take part in a community service project in the Colombo area.
“We are so proud to welcome Stephen and Astou as our Sports Envoys to Sri Lanka, to build on the strong people-to-people connections between the United States and Sri Lanka,” said U.S. Ambassador Julie Chung. “The lessons that will be shared by our Sports Envoys – communication, teamwork, resilience, inclusion, and conflict resolution – are essential for leadership development, community building, equality, and peace. The U.S. Sports Envoy program is a testament to our belief that sports can be a powerful tool in promoting peace and unity.”
SJB Colombo District MP Mujibur Rahuman in parliament demanded to know from the government the reasons for CEB suspending the leave of all its employees until further notice from Thursday.
MP Rahuman said that the CEB has got an acting General Manager anew and the latter yesterday morning issued a circular suspending leave of all CEB employees with immediate effect until further notice.
“We demand that Minister Kanchana Wijesekera should explain this to the House. This circular was issued while this debate on the new Electricity Amendment Bill was pending. There are many who oppose this Bill. The Minister must tell parliament the reason for the urge to cancel the leave of CEB employees,” the MP said.However, Speaker Mahinda Yapa Abeywardena prevented Minister Wijesekera responding to the query and said that the matter raised by MP Rahuman was not relevant.
The Chartered Institute of Personnel Management (CIPM) successfully concluded the 8th Annual CIPM Symposium, which took place on 31st May 2024. Themed “Nurturing the Human Element—Redefining HRM in a Rapidly Changing World,” the symposium underscored the pivotal role of human resource management (HRM) in today’s dynamic global landscape. Since its inception in 1959, CIPM has been dedicated to advancing the HR profession through education, professional development, and advocacy, solidifying its position as Sri Lanka’s leading professional body for HRM.
Ken Vijayakumar, the President of the CIPM, graced the occasion as the chief guest. The symposium commenced with the welcome address by the Chairperson, Prof. Arosha Adikaram, followed by the Web Launch of the Symposium Proceedings and Abstract Book by the CIPM President. The event featured distinguished addresses, including a speech by Chief Guest Ken Vijayakumar, President of CIPM, and an address by Guest of Honor Shakthi Ranatunga, Chief Operating Officer of MAS Holdings Pvt. Ltd., Sri Lanka.
The symposium also featured an inspiring keynote address by Prof. Mario Fernando, Professor of Management and Director of the Centre for Cross Cultural Management (CCCM) at the University of Wollongong, Australia.
Vote of Thanks of the inauguration session was delivered by Dr. Dillanjani Weeratunga, Symposium Co-chair.
The symposium served as a comprehensive platform for researchers to present their findings across a wide range of critical topics in HRM. These included Cultural Diversity and Inclusion, Talent Development and Retention, Ethical Leadership and Corporate Social Responsibility, Adapting to Technological Advancements, Mental Health and Well-being at Work, Global Workforce Challenges, Employee Empowerment, and Reskilling and Upskilling.
The plenary session was led by Prof. Wasantha Rajapakse. Certificates were awarded to the best paper presenters during the valedictory session, followed by a vote of thanks delivered by Kamani Perera, Manager of Research and Development.
The annual symposium of CIPM was a truly inclusive event, attracting a diverse audience that spanned undergraduates, graduates, working professionals, research scholars and lecturers. This widespread interest highlights the symposium’s significance in the field of HRM, offering a unique opportunity for everyone to network and learn from scholarly brains.The CIPM International Research Symposium was sponsored by Hambantota International Port, Sri Lanka Institute of Information Technology (SLIIT), E B Creasy & Co. PLC, and Print Xcel Company.
US sports envoys to Lanka to champion youth development
Rahuman questions sudden cancellation of leave of CEB employees
