UNDP: 10 years of Afghan financial expansion, reversed in on...| MENAFN.COM

Sunday, 27 November 2022 01:54 GMT

UNDP: 10 years of Afghan financial expansion, reversed in only a year


(MENAFN) A year on from the Taliban occupation in Kabul, Afghanistan is wrapped up by “cascading crises”, as well as a crippled economy that humanitarian assistance alone cannot address, as per a new report from the UN Development Programme (UNDP) on Wednesday.

It as well reads that the already-falling regular economy, against the black market, lost almost USD5 billion after August last year and is reversing “in 12 months what had taken 10 years to accumulate.”

The price of a basket of essentials required to avoid food poverty has for now increased 35 percent, forcing poorer families to go deeper to debt or sell off assets, in order to survive.

Almost 700,000 jobs have vanished, according to UNDP, further intimidating a population reeling from effects of the COVID-19 epidemic, war, drought, and conflict in Ukraine.

“The Afghan people have been relentlessly subjected to extremely difficult circumstances. They have survived numerous challenges in the last 40 years and shown enormous resilience”, the report added, officially called, One Year in Review: Afghanistan Since August 2021.

“Yet the last 12 months have brought cascading crises: a humanitarian emergency; massive economic contraction; and the crippling of its banking and financial systems in addition to denying access to secondary education to girls and the restrictions on women’s mobility and participation in the economy”.

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