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Tuesday 20th March 2018

Sudan Seeks to Revive Economy, Strengthen International Relations: Hamdok


7Dnews London - Reuters

Sun, 25 Aug 2019 00:57 GMT

Sudanese Prime Minister Abdalla Hamdok has indicated that Sudan needs $8 billion in foreign aid over the next two years to help rebuild its ravaged economy after months of political turmoil, Reuters reported on Saturday, August 24th.

According to the prime minister, sworn in three days earlier to head a transitional ruling body after the ousting of veteran leader Omar al-Bashir, another $2 billion of foreign reserve deposits are needed in the next three months to halt a fall in the currency.

The economist, who has worked for the United Nations Economic Commission for Africa, said he had started talks with the IMF and the World Bank to discuss restructuring Sudan's crippling debt and had approached friendly nations and funding bodies about the aid.

He noted that foreign reserves in the central bank are weak and very low. He also stressed the need for the United States to remove Sudan from its list of state sponsors of terrorism, which has isolated the county from the bulk of the international financial system since 1993.

The statement has not been met with an immediate comment from Washington, the IMF, or the World Bank.

Hamdok continued to highlight that the country will work to unify the exchange rate, and to control the exchange rate using a flexible managed exchange rate, yet he did not go into details, adding that they have already started discussions with funding bodies, including elements from the World Bank, IMF, and the African Development Bank, to negotiate an understanding about Sudan's debts.

Sudan has been in economic turmoil since it lost the bulk of its oil production in 2011 when South Sudan seceded after decades of civil war. One dollar currently fetches 65 pounds on the black market versus the official rate of 45, according to Reuters.

Middle East