Afghan finance minister admits doubts over Kabul Bank's missing $1bn

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Source: The Guardian

Serious doubts remain that Afghanistan will be able to recover nearly $1bn (£631.4m)frittered away on disastrous business ventures and now worthless Dubai properties by the disgraced former owners of Kabul Bank, the country's finance minister has said.

Omar Zakhilwal's admission that "almost everyone" within the international community remained concerned about efforts to undo the financial damage caused by one of the worst bank scandals in history came despite the International Monetary Fund giving the green light to the government's asset recovery plans.

The decision, taken by the IMF's board on Monday night, to reinstate its programme in Afghanistan brought to an end a bitter 18-month dispute and reopened the doors to vital foreign cash donations, on which the country is utterly reliant.

Major donors, including the Department for International Development and the World Bank, had suspended funds for almost a year while the IMF remained dissatisfied with the response to the banking crisis.

Read more: http://www.guardian.co.uk/world/2011/nov/15/afghan-bank-missing-billion