Britain poised to resume bankrolling Afghan government
The Kabul Bank scandal became emblematic of the rampant corruption which plagues the country. Diplomats accused shareholders of using the bank as "their own personal ATM" and operating a "vast looting scheme".
The bank held salaries for hundreds of thousands of Afghanistan's soldiers, police and civil servants and needed a bail-out to survive.
The IMF demanded prosecutions, greater regulatory oversight and attempts to claw back the bad loans in return for maintaining its programme in Afghanistan.
Earlier this year Britain said it would hold back payments until the IMF restored its backing.
Andrew Mitchell, the international development secretary, welcomed Tuesday's decision, but said: "the fight to tackle corruption does not end here".
"I urge the Government of Afghanistan to continue with this programme of reforms. The UK will continue to support the Government's efforts and help to provide a brighter future for all Afghans," he said.
Politically-connected borrowers creamed off more than £500 million from Kabul Bank before it imploded in September 2010.
Tracing and recovering the bad loans has proven nearly impossible, with many taken out in false names, with little paperwork. Many of the loans were lost on poor property deals at the height of Dubai's property bubble.
Financial investigators have faced death threats and even threats of prosecution. The Afghan ministry of finance last month estimated only £44 million had been recovered and £69 million of assets had been seized.
Criminal investigations against the bank's top two executives are under way, though they have been released from custody to help investigators.
Mahmoud Karzai, brother of the president, and Haseen Fahim, brother of the vice president, were both significant shareholders but have been cleared of any wrongdoing.
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The company plans next year to issue US commercial mortgage securities backed by defaulted loans, the Wall Street Journal said, citing people familiar with the matter. The company acquired 90 percent of its Australian takeover target, Macarthur Coal,
The IMF has refused to endorse Afghanistan's finances since Kabul Bank faced ruin last year under the weight of murky off-the-books loans to the Afghan political elite. However doubts remain over the sincerity of Kabul's vows to clean up its act after
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