The United States has agreed to release a $ 3.5 billion fund, a part of Afghanistan's frozen assets

New Delhi: The United States has agreed to release a part of Afghanistan’s frozen assets, which were seized after the Taliban came to power last year TRT World has reported.

The $3.5 billion in a fund is to be likely released to the Bank of International Settlements (BIS) based in Basel, Switzerland, a source privy to the matter said. "An international board of experts has also been set up to disburse the money," the source told TRT World. The announcement is expected to be made in the coming weeks.

Around $9 billion of Afghanistan’s central bank and foreign currency assets held with the US and other foreign banks were frozen after the Taliban took over Kabul on August 15 and drove out the US-backed government of President Ashraf Ghani.

The international board of experts is tasked to ensure that strict compliance with anti-money laundering and terrorist financing protocols is maintained in all circumstances including third-party supervision of the funds once handed over to the Taliban government.

The Taliban government is open to a US proposal for third-party supervision but wants to retain authority over how it is used. "The frozen reserve is the property of the people of Afghanistan; it is a reserve of the central bank used in its transactions," Taliban spokesperson, Suhail Shaheen, told TRT World.

The US has been under pressure from human rights activists and the Afghan diaspora to release funds to alleviate the humanitarian disaster unfolding in the war-ravaged country.

The US government has faced criticism for holding back Afghan funds at a time when ordinary Afghans are reeling under hunger and poverty. Many have slammed the US for politicising the funds against the Taliban, even though it was Al Qaeda which was responsible for the 9/11 attacks.

For the US and its Western allies, which have so far refused to recognise the Taliban government, the major obstacle has been to find a way to spend the funds without letting the Taliban get its hands on the money.