28-October-2021

Hamdok: Paris Conference On Sudan Has Fully Achieved Its Goals

Hamdok: Paris Conference On Sudan Has Fully Achieved Its Goals

KHARTOUM (Sudanow) Prime Minister Abdalla Hamdok has confirmed that his country has reached all sought from the Paris conference which was sponsored by the French President Macron in support of Sudan’s transition to democray.

Speaking at a press conference he held at Khartoum airport upon arrival from Paris Tuesday evening, Hamdok said Sudan has managed to settle all its foreign debt totalling more than 60 billion dollars.

He said the transitional government has taken five steps before leaving to attend the conference. These Steps, are basic terms for Sudan to be included under the IMF and World Bank's Highly Indebted Poor Countries (HIPC) scheme. These, he said, included a national economic reform program in agreement with the International Monetary Fund (IMF), settling debts with IMF, the World Bank and the African Development Bank and poverty control strategy.

He said his government has, a prior, cleared its arrears to the World Bank, with bridge loans from the United States, and the African Development Bank with support from the United Kingdom and Sweden.

The remaining step was to clear Sudan's arrears to the IMF, which France pledged to facilitate
through a $1.5 billion bridge loan.

Sudan government has stated executing an economic reform program including lifting of some subsudies and currency devaluation to the dismay of the country's majority poor.

As for other debts, Italy and Germany had cleared their shares of Sudan's debt, which totaled $1.8 billion. Norway also pledged to cancel its $100 million debt.

Kuwait and Saudi Arabia, two major creditors, said they would go forward in discussing a settlement.

So far, the debtors pledged to write off $33 billion out the country’s debt of about $60 billion. The conference organizers, western countries and financial institutions, say they will rally more debtors to cancel their dues.

The debt relief is expected to open the door wide for Sudan to re-integrate in the international financial system.

A French, European and international business forum was  held in Paris to explore investment opportunities in Sudan.

Sudan has presented a lot of huge projects for investment in the areas of energy (oil, gas and electricity), mining, agriculture, livestock, ports, railways and the industry.

Hamdok has addressed the forum saying "we have always said that Sudan is a rich country and does not need grants and donations. Rather, it needs investment that creates job opportunities for our youth, and we want to see real investments that come to our country and work with us."

Hamdok has also met with 15 leading French and international companies on the side lines of the Paris Conference on Sudan.

 

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MO/AS 

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