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.
Scores in brief:
Day 1
New Zealand (1st innings) 153 all out (66.3 overs) - Williamson 63, Nicholls 28, Yasir 3-54, Haris 2-11, Abbas 2-13, Hasan 2-38
Pakistan (1st innings) 59-2 (23 overs)
A timeline of the Historical Dictionary of the Arabic Language
- 2018: Formal work begins
- November 2021: First 17 volumes launched
- November 2022: Additional 19 volumes released
- October 2023: Another 31 volumes released
- November 2024: All 127 volumes completed
Results
Catchweight 60kg: Mohammed Al Katheeri (UAE) beat Mostafa El Hamy (EGY) TKO round 3
Light Heavyweight: Ibrahim El Sawi (EGY) no contest Kevin Oumar (COM) Unintentional knee by Oumer
Catchweight 73kg: Yazid Chouchane (ALG) beat Ahmad Al Boussairy (KUW) Unanimous decision
Featherweight: Faris Khaleel Asha (JOR) beat Yousef Al Housani (UAE) TKO in round 2 through foot injury
Welterweight: Omar Hussein (JOR) beat Yassin Najid (MAR); Split decision
Middleweight: Yousri Belgaroui (TUN) beat Sallah Eddine Dekhissi (MAR); Round-1 TKO
Lightweight: Abdullah Mohammed Ali Musalim (UAE) beat Medhat Hussein (EGY); Triangle choke submission
Welterweight: Abdulla Al Bousheiri (KUW) beat Sofiane Oudina (ALG); Triangle choke Round-1
Lightweight: Mohammad Yahya (UAE) beat Saleem Al Bakri (JOR); Unanimous decision
Bantamweight: Ali Taleb (IRQ) beat Nawras Abzakh (JOR); TKO round-2
Catchweight 63kg: Rany Saadeh (PAL) beat Abdel Ali Hariri (MAR); Unanimous decision
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
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Volvo ES90 Specs
Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)
Power: 333hp, 449hp, 680hp
Torque: 480Nm, 670Nm, 870Nm
On sale: Later in 2025 or early 2026, depending on region
Price: Exact regional pricing TBA
Cultural fiesta
What: The Al Burda Festival
When: November 14 (from 10am)
Where: Warehouse421, Abu Dhabi
The Al Burda Festival is a celebration of Islamic art and culture, featuring talks, performances and exhibitions. Organised by the Ministry of Culture and Knowledge Development, this one-day event opens with a session on the future of Islamic art. With this in mind, it is followed by a number of workshops and “masterclass” sessions in everything from calligraphy and typography to geometry and the origins of Islamic design. There will also be discussions on subjects including ‘Who is the Audience for Islamic Art?’ and ‘New Markets for Islamic Design.’ A live performance from Kuwaiti guitarist Yousif Yaseen should be one of the highlights of the day.
The specs
Engine: 4.0-litre V8 twin-turbocharged and three electric motors
Power: Combined output 920hp
Torque: 730Nm at 4,000-7,000rpm
Transmission: 8-speed dual-clutch automatic
Fuel consumption: 11.2L/100km
On sale: Now, deliveries expected later in 2025
Price: expected to start at Dh1,432,000
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Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
Price: From Dh98,800
Available: Now
Nayanthara: Beyond The Fairy Tale
Starring: Nayanthara, Vignesh Shivan, Radhika Sarathkumar, Nagarjuna Akkineni
Director: Amith Krishnan
Rating: 3.5/5
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
Visa changes give families fresh hope
Foreign workers can sponsor family members based solely on their income
Male residents employed in the UAE can sponsor immediate family members, such as wife and children, subject to conditions that include a minimum salary of Dh 4,000 or Dh 3,000 plus accommodation.
Attested original marriage certificate, birth certificate of the child, ejari or rental contract, labour contract, salary certificate must be submitted to the government authorised typing centre to complete the sponsorship process
In Abu Dhabi, a woman can sponsor her husband and children if she holds a residence permit stating she is an engineer, teacher, doctor, nurse or any profession related to the medical sector and her monthly salary is at least Dh 10,000 or Dh 8,000 plus accommodation.
In Dubai, if a woman is not employed in the above categories she can get approval to sponsor her family if her monthly salary is more than Dh 10,000 and with a special permission from the Department of Naturalization and Residency Dubai.
To sponsor parents, a worker should earn Dh20,000 or Dh19,000 a month, plus a two-bedroom accommodation
How much do leading UAE’s UK curriculum schools charge for Year 6?
- Nord Anglia International School (Dubai) – Dh85,032
- Kings School Al Barsha (Dubai) – Dh71,905
- Brighton College Abu Dhabi - Dh68,560
- Jumeirah English Speaking School (Dubai) – Dh59,728
- Gems Wellington International School – Dubai Branch – Dh58,488
- The British School Al Khubairat (Abu Dhabi) - Dh54,170
- Dubai English Speaking School – Dh51,269
*Annual tuition fees covering the 2024/2025 academic year
