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The owner of Afghanistan Bank warned the sector near collapse 1

A Taliban fighter walks in front of people waiting outside a bank in Kabul.
The owner of one of the country’s largest lenders told the BBC that Afghanistan’s banking system was on the verge of collapse.

The Islamic Bank of Afghanistan

Syed Musa Kaleem Al-Falahi, chief executive of the Islamic Bank of Afghanistan, said the country’s financial industry was in the grip of an “existential crisis” as consumers panicked.

Speaking from Dubai, he said, “There is a huge return right now,” where he is temporarily based in Kabul due to the chaos.

“Only evacuations are taking place, most banks are not working, and are not providing full services,” he added.

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Even before the Taliban took power in August, Afghanistan’s economy was in shambles.

It is heavily dependent on foreign aid – about 40% of its gross domestic product (GDP) comes from international aid.

But since the Taliban took over, the West has frozen international funds, including assets that Afghanistan could have access to with the World Bank and the International Monetary Fund (IMF).

Islamic Bank of Afghanistan's head office in Kabul

The Islamic Bank of Afghanistan is headquartered in Kabul.
Mr Al-Falahi says it is encouraging the Taliban to look for other sources of funding.

“They are waiting for China and Russia and some other countries.

“It looks like they will sooner or later succeed in negotiating,” he said.

China has already talked about rebuilding Afghanistan and its willingness to work with the Taliban.

A recent editorial in the Chinese-controlled Global Times said there was “great potential for cooperation in rebuilding Afghanistan” and added that China was “definitely a leading player”.

China has already pledged 200 million yuan (31 31 million, 22 22 million) in aid, including food supplies and the corona virus vaccine.

Still, the Taliban are under pressure to fix Afghanistan’s economic problems now.

Inflation is rising, the Afghani, the national currency is falling and people are frustrated because many people have lost their jobs and are short of cash.

The United Nations World Food Program warns that only 5% of households in Afghanistan have enough to eat daily.

Half of those surveyed said they had run out of food at least once in the past two weeks.

Therefore, access to international funds and foreign aid is key to Afghanistan’s survival.

But countries like the United States have said that when they are willing to consider working with the Taliban – it will depend on certain preconditions – including the government and the treatment of women and minorities.

Read Also| Fighting with the hunger under the Taliban rule

Mr Al-Falahi insisted that despite the Taliban’s claims that women were not allowed to work “for a while”, women in his bank were returning to Womer. While, women are returning to work in his bank.

Women in Kabul wait in front of a bank to withdraw money. Bank
“Women had a kind of fear, they weren’t coming to the offices, but now slowly they started coming to the office,” he said.

Mr Al-Falahi’s comments are in line with recent statements by Pakistan’s Prime Minister Imran Khan. Bank

In a BBC interview, Mr Khan said the Taliban were trying to show the world a modern and reformed face, compared to the last time they were in power. Bank

“At the moment, they are more flexible, they are very cooperative. Bank

“They are not imposing any strict rules and regulations at the moment,” Mr Khan said.

However, women’s groups and human rights organizations have pointed out the stark difference between what the Taliban say and the reality on the ground, with many women and girls now reported not being allowed to go to school or work. Bank

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When did the US subscribe to it?

As relations between the two countries improved, Jimmy Carter (L) embraced China’s Deng Xiaoping.
After years of warm relations, the United States established formal diplomatic relations with Beijing in 1979 under President Jimmy Carter.

As a result, the United States had to sever ties with Taiwan and close its embassy in Taipei.

But that same year, it passed the Taiwan Relations Act, which guarantees support for the island. Importantly, the act states that the United States must assist Taiwan in its defense – which is why the United States continues to sell arms to Taiwan. The United States has also said it insists on a peaceful resolution of differences between the two sides and urges both sides to engage in “constructive dialogue.”

It maintains a non-governmental presence in Taiwan through the American Institute, a private corporation through which it conducts diplomatic activities.

Who are the winners and losers?
Beijing has clearly benefited the most from this policy, which has plunged Taiwan into a diplomatic desert.

Taiwan has not been recognized as an independent country, nor has the United Nations. This unusual name contests only to participate in events and organizations such as the Olympic Games and the World Trade Organization.

But even in its isolation, Taiwan is not completely gone.

Taiwanese President Tsai Ing-wen spoke to Mr Trump in early December 2016, breaking decades of US diplomatic protocol.
It maintains dynamic economic and cultural ties with its neighbors, and takes advantage of its long-term emotional ties with the United States to reap the benefits.

That includes a small group of powerful lobbyists in Washington, D.C., including former Senator Bob Dole, about whom the U.S. media reported contacts following a controversial phone call between Donald Trump and Taiwan’s President Tsai Ing-wen. Reported help setting up.

As far as the United States is concerned, it can benefit from a formal relationship with China – its largest foreign lender and a top trading partner – while quietly maintaining strong ties with Taiwan.

The one-China policy is a delicate balancing act that the United States has completed over the decades. It remains to be seen how Washington will continue to work.

Read Also| Life of Afghans living under Taliban rule

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