Sudan Clears Its Arrears To World Bank
26 March, 2021
Sudan's cabinet building
KHARTOUM (Sudanow) — Sudan on Friday said it has reached a deal with the World Bank where Khartoum is to receive 2 billion dollars in loans ending three decade of funding denial by the world financing body.
A statement from the Sudanese Ministry for Cabinet Affairs on Friday said Sudan has “clear(ed) its arrears to the World Bank, regaining access to $2 Billion in New World Bank Financing for the first time in almost 30 years”.
The statement said on Friday the Sudan and the World Bank have finalized arrangements to clear Sudan’s arrears to the World Bank through a grant from the World Bank and bridge financing facility from the Government of the United States,” marking the Sudanese people’s first major victory on the path towards debt relief.”
The statement argued that this development marks the resumption of normal operations between Sudan and the World Bank Group, including the International Development Association (IDA), the International Finance Corporation (IFC), and the Multilateral Investment Guarantee Agency (MIGA), in almost 30 years.
It explained that the arrears clearance immediately allows Sudan’s access to concessional financing and other services from the World Bank Group including grants in a total amount of $635 million made available immediately to the Government of Sudan of which $215 million in direct budget support and $420 million in additional financing for the family support program (Thamarat).
Sudan introduced a package of economic reforms the latest of which the floating of the national currency, the pound, preceded by lifting subsidies on fuel, wheat and cooking gas. To mitigate the impact it introduced a family support Programme, where badly affected limited income families would receive cash payment in lieu of subsidies. The Programme was dubbed Thamarat, Arabic for dividends
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