[Tolo News] The International Monetary Fund has recommended that Kabul Bank should be sold off to recover from current crisis. Kabul Bank is the biggest Afghanistan's bank that was on the brink of collapse last year following a change in its leadership.
That was when the old leadership took all the money...
The IMF recommended to the Afghan government to implement several "immediate measures" to deal with Kabul Bank, including prosecuting fraud and placing it under receivership. "This will be followed by a process where the bank will be rapidly sold or wound down and the central bank is recapitalised with government resources as needed," a statement by IMF said.
| Whoa! How often do you see them junk a bank? |
| I believe it was looted. That'd be pretty wrong, right? |
At least $579 million has been put at risk in Kabul Bank and it has added banking crisis to Afghanistan's troubles.
In many cases aid from donor countries is mandated based on an IMF programme.