Sudan said to seek debt reduction from Gulf lenders

PHOTO

RIYADH: Sudan will enter into bilateral negotiations with Saudi Arabia, the UAE and Kuwait in an effort to forgive as much as 60 percent of its estimated $30 billion debt obligation, SUNA reported.

Sudan will also seek to negotiate rescheduling the remaining debts over 16 years to include a 6-years grace period, the news agency reported, citing Minister of Finance and Economic Planning, Gibril Ibrahim.

The minister also disclosed plans to introduce fresh legislation to manage the country’s debt in a way that was transparent and accessible to the public.

He pledged that planned investments would help to boost job opportunities for the country’s youth and help to reduce the existing unemployment rate of 40 percent, SUNA reported.

Sudan’s finance ministry would focus on protecting citizens from the impact of economic reforms by developing supportive programs, while at the same time working to stabilize the currency exchange rate, Ibrahim said.

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.