Home | News    Thursday 4 September 2014

Sudan renews calls for debt relief

separation
increase
decrease
separation
separation

September 3, 2014 (KHARTOUM) – Sudan’s first vice-president, Bakri Hassan Saleh, has urged the International Monetary Fund (IMF), World Bank (WB) and other international institutions to intervene to find a solution to Sudan’s debt problems, as well as those of other African countries.

Saleh warned that any delay in ending the debt burden on Sudanese citizens is worse than justifying it, and that the cost to the poor is heavier than their ability to endure it.

He also urged African countries to open their borders and markets so that inter-African trade can flourish.

According to latest IMF reports, Sudan’s external debt stood at approximately $45 billion in 2013 from $39.5 billion in 2010.

The first vice-president, who addressed the second meeting of the group of African ministers of finance and governors of Central Banks accredited at the IMF and WB, asserted that the spread of he Ebola epidemic in West Africa confirms that development in the African continent is still facing obstacles, and expressed hope that the affected states could overcome this in the near future.

He noted that the national dialogue initiative launched by president Omer Hassan al-Bashir last January is moving in the right direction and expressed optimism that positive results can be achieved in the form of national consensus in Sudan, especially since the internal dialogue is going on with the participation of all political forces and civil society organisations.

The Sudanese finance minister Badr al-Din Mahmoud urged his African counterparts and bank governors to determine development priorities that contribute to the fight against poverty and reduce unemployment in Africa.

Mahmoud pointed to the important role of the caucus meeting to discuss pushing development processes in the continent with the help of international financial institutions, especially since Africa is witnessing rapid economic growth and steady improvement in agricultural production.

He called on participants to discuss Sudan’s debt and countries which did not benefit from Heavily Indebted Poor Countries (HIPC) initiative and to press international financial institutions and the international community alike to apply only technical requirements to offer debt relief to African countries away from the political agenda to achieve justice.

Around three quarters of Sudan’s $40 billion plus external debt is owed to the Paris Club of creditor nations and other non-member states. The remaining balance is equally divided between commercial banks as well as international and regional financial bodies.

Last year, an IMF official said that it will be near impossible for Sudan to secure debt relief even if it satisfied technical and economic requirements.

“I’m not saying this is impossible but it is difficult because it is linked to political issues which requires a public relations effort with member countries,” IMF’s deputy director of the Middle East and Central Asia department, Edward Gemayel, said during a visit to Khartoum.

He said that any debt relief deal with Sudan would require the unanimous consent of all 55 countries in Paris Club which he suggested would be improbable.

Khartoum and Juba have agreed to work jointly to seek debt relief from creditors and if that fails will sit down to see how it can be divided.

(ST)

Comments on the Sudan Tribune website must abide by the following rules. Contravention of these rules will lead to the user losing their Sudan Tribune account with immediate effect.

- No inciting violence
- No inappropriate or offensive language
- No racism, tribalism or sectarianism
- No inappropriate or derogatory remarks
- No deviation from the topic of the article
- No advertising, spamming or links
- No incomprehensible comments

Due to the unprecedented amount of racist and offensive language on the site, Sudan Tribune tries to vet all comments on the site.

There is now also a limit of 400 words per comment. If you want to express yourself in more detail than this allows, please e-mail your comment as an article to comment@sudantribune.com

Kind regards,

The Sudan Tribune editorial team.

Comment on this article


 
 

The following ads are provided by Google. SudanTribune has no authority on it.


Sudan Tribune

Promote your Page too

Latest Comments & Analysis


The theory of African president and prime minister, working together 2014-11-22 05:32:12 By Steve Paterno November 21, 2014 - Africa is notoriously known for political instability, stemming in most cases, over power struggle among the ruling elites. Often times, the best and quick (...)

The UNAMID internal report on mass rape in Tabit. 2014-11-21 06:09:21 What UNAMID really said about their investigation of mass sexual assaults on Tabit: The internal report on what investigators found By Eric Reeves November 20, 2014 - On November 12, 2014 (...)

Bullying Darfur 2014-11-13 18:13:39 By Namaa Al-Mahdi November 13, 2014 - “We broke their backs in Abu Karshola, I doubt they have recovered since,” said a prominent Sudanese Armed Forces (SAF) member about their counter attack on (...)


MORE








Latest Press Releases


Sudan Democracy First Group condemns wave of arbitrary arrests in Sudan 2014-09-25 05:17:35 Sudan Democracy First Group 25 September 2014 - In a desperate attempt to prevent a series of events commemorating the victims of the September 2013 protests, Sudan’s notorious National (...)

HRW calls on UN rights body to press Sudan to investigate murder of peaceful protesters 2014-09-24 21:24:09 Human Rights Watch One Year On, No Justice for Protester Deaths (Geneva, September 23, 2014) – The United Nations Human Rights Council should call on Sudan to account immediately for the death (...)

Hundreds walk for peace in South Sudan 2014-09-23 08:30:16 National Platform for Peace and Reconciliation (NPPR) PRESS RELEASE Juba, 21 September 2014 - Hundreds of people took to the streets of the South Sudan capital Jubato ‘Walk for Peace’and demand (...)


MORE

Copyright © 2003-2014 SudanTribune - All rights reserved.