Sudan could qualify for a World Bank and International Monetary Fund initiative to write off most of its foreign debt, which currently stands at $49.8 billion.
The move is expected to unlock additional resources to drive economic recovery and combat poverty.
The IMF and World Bank executive boards agreed that Sudan is eligible for the Heavily Indebted Poor Countries initiative.
However, the assistance will be contingent on a preliminary assessment, the fund said on Saturday.
“It provides a clear acknowledgement of Sudan’s sustained implementation of key economic and financial reforms under its staff-monitored programme with the IMF,” said IMF managing director Kristalina Georgieva.
“Helping Sudan achieve debt relief and unlock access to the needed resources to increase growth and reduce poverty is a key priority for the IMF.”
The HIPC initiative was launched in 1996 by the two Washington lenders to assist poor countries saddled with unsustainable debt burdens that could curtail economic growth and efforts to reduce poverty.
To date, 36 countries have benefitted from the initiative.
Helping Sudan achieve debt relief and unlock access to the needed resources to increase growth and reduce poverty is a key priority for the IMF
The US removed Sudan from its list of state sponsors of terrorism in December after about three decades.
This brightened the country’s prospects of receiving much-needed external financing. In December, the US said it would give the World Bank a $1.15bn bridge loan to help clear the country’s arrears with the institution.
Sudan faces several economic challenges nearly two years after dictator Omar Al Bashir was removed from power, with Covid-19 compounding its economic woes.
The economy, which contracted by about 8.4 per cent last year, is expected to shrink by another 2.3 per cent this year, according to the IMF.
The debt-to-gross domestic product ratio exceeded 259 per cent last year while inflation rose from 269 per cent in December to 304 per cent in January, according to the state statistics bureau.
In February, the country’s central bank devalued the currency to “unify” official and black-market exchange rates, a key debt relief condition set by the IMF and foreign donors.
“This is a breakthrough at a time when Sudan needs the world’s help to support its development progress,” said World Bank president David Malpass.
“The steps taken so far, including arrears clearance and exchange-rate unification, will put Sudan on the path to substantial debt relief, economic revival and inclusive development.”
Prime Minister Abdalla Hamdok, a veteran UN economist who has been at the helm since 2019, said this was strong recognition of Sudan’s “remarkable progress on economic reforms that pave the way to sustainable poverty reduction and economic growth”.
To qualify for debt relief, Sudan established a six-month track record of satisfactory performance under the current IMF staff-monitored programme that began in September.
It also removed large fuel subsidies and broadened the tax base in September.
The fund urged authorities to clear their arrears with multilateral creditors or agree on a strategy to do so. They should also agree on the reforms that Sudan will need to enact.
Prompt action on these measures could result in the North African country being granted debt relief by the end of June.
Sudan will qualify for irrevocable debt relief under the HIPC Initiative and for debt relief under the Multilateral Debt Relief Initiative by the World Bank’s International Development Association and the African Development Fund.
Paris Club creditors are also expected to provide further assistance, the IMF said.
THE LOWDOWN
Photograph
Rating: 4/5
Produced by: Poetic License Motion Pictures; RSVP Movies
Director: Ritesh Batra
Cast: Nawazuddin Siddiqui, Sanya Malhotra, Farrukh Jaffar, Deepak Chauhan, Vijay Raaz
Should late investors consider cryptocurrencies?
Wealth managers recommend late investors to have a balanced portfolio that typically includes traditional assets such as cash, government and corporate bonds, equities, commodities and commercial property.
They do not usually recommend investing in Bitcoin or other cryptocurrencies due to the risk and volatility associated with them.
“It has produced eye-watering returns for some, whereas others have lost substantially as this has all depended purely on timing and when the buy-in was. If someone still has about 20 to 25 years until retirement, there isn’t any need to take such risks,” Rupert Connor of Abacus Financial Consultant says.
He adds that if a person is interested in owning a business or growing a property portfolio to increase their retirement income, this can be encouraged provided they keep in mind the overall risk profile of these assets.
Best Academy: Ajax and Benfica
Best Agent: Jorge Mendes
Best Club : Liverpool
Best Coach: Jurgen Klopp (Liverpool)
Best Goalkeeper: Alisson Becker
Best Men’s Player: Cristiano Ronaldo
Best Partnership of the Year Award by SportBusiness: Manchester City and SAP
Best Referee: Stephanie Frappart
Best Revelation Player: Joao Felix (Atletico Madrid and Portugal)
Best Sporting Director: Andrea Berta (Atletico Madrid)
Best Women's Player: Lucy Bronze
Best Young Arab Player: Achraf Hakimi
Kooora – Best Arab Club: Al Hilal (Saudi Arabia)
Kooora – Best Arab Player: Abderrazak Hamdallah (Al-Nassr FC, Saudi Arabia)
Player Career Award: Miralem Pjanic and Ryan Giggs
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
War 2
Director: Ayan Mukerji
Stars: Hrithik Roshan, NTR, Kiara Advani, Ashutosh Rana
Rating: 2/5
Zayed Sustainability Prize
Which products are to be taxed?
To be taxed:
Flavoured water, long-life fruit juice concentrates, pre-packaged sweetened coffee drinks fall under the ‘sweetened drink’ category
Not taxed
Freshly squeezed fruit juices, ground coffee beans, tea leaves and pre-prepared flavoured milkshakes do not come under the ‘sweetened drink’ band.
Products excluded from the ‘sweetened drink’ category would contain at least 75 per cent milk in a ready-to-drink form or as a milk substitute, baby formula, follow-up formula or baby food, beverages consumed for medicinal use and special dietary needs determined as per GCC Standardisation Organisation rules
In Full Flight: A Story of Africa and Atonement
John Heminway, Knopff
GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
On sale: Now
Price: From Dh149,900
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Match info:
Wolves 1
Boly (57')
Manchester City 1
Laporte (69')
Pox that threatens the Middle East's native species
Camelpox
Caused by a virus related to the one that causes human smallpox, camelpox typically causes fever, swelling of lymph nodes and skin lesions in camels aged over three, but the animal usually recovers after a month or so. Younger animals may develop a more acute form that causes internal lesions and diarrhoea, and is often fatal, especially when secondary infections result. It is found across the Middle East as well as in parts of Asia, Africa, Russia and India.
Falconpox
Falconpox can cause a variety of types of lesions, which can affect, for example, the eyelids, feet and the areas above and below the beak. It is a problem among captive falcons and is one of many types of avian pox or avipox diseases that together affect dozens of bird species across the world. Among the other forms are pigeonpox, turkeypox, starlingpox and canarypox. Avipox viruses are spread by mosquitoes and direct bird-to-bird contact.
Houbarapox
Houbarapox is, like falconpox, one of the many forms of avipox diseases. It exists in various forms, with a type that causes skin lesions being least likely to result in death. Other forms cause more severe lesions, including internal lesions, and are more likely to kill the bird, often because secondary infections develop. This summer the CVRL reported an outbreak of pox in houbaras after rains in spring led to an increase in mosquito numbers.
More from Rashmee Roshan Lall
THE DRAFT
The final phase of player recruitment for the T10 League has taken place, with UAE and Indian players being drafted to each of the eight teams.
Bengal Tigers
UAE players: Chirag Suri, Mohammed Usman
Indian: Zaheer Khan
Karachians
UAE players: Ahmed Raza, Ghulam Shabber
Indian: Pravin Tambe
Kerala Kings
UAE players: Mohammed Naveed, Abdul Shakoor
Indian: RS Sodhi
Maratha Arabians
UAE players: Zahoor Khan, Amir Hayat
Indian: S Badrinath
Northern Warriors
UAE players: Imran Haider, Rahul Bhatia
Indian: Amitoze Singh
Pakhtoons
UAE players: Hafiz Kaleem, Sheer Walli
Indian: RP Singh
Punjabi Legends
UAE players: Shaiman Anwar, Sandy Singh
Indian: Praveen Kumar
Rajputs
UAE players: Rohan Mustafa, Ashfaq Ahmed
Indian: Munaf Patel
