{"id":195533,"date":"2021-05-18T07:16:00","date_gmt":"2021-05-18T07:16:00","guid":{"rendered":"https:\/\/www.bnreport.com\/?p=195533"},"modified":"2021-05-18T00:20:11","modified_gmt":"2021-05-18T00:20:11","slug":"sudan-arrears","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/sudan-arrears\/","title":{"rendered":"France to grand Sudan $1.5bn loan to settle arrears"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">France announced that it would support Sudan with a bridge loan of $1.5 billion to help it clear <a href=\"https:\/\/www.google.com\/url?sa=t&amp;rct=j&amp;q=&amp;esrc=s&amp;source=web&amp;cd=&amp;cad=rja&amp;uact=8&amp;ved=2ahUKEwjynPOs-dHwAhVh9OAKHXElCOEQmhMwLXoECB8QAg&amp;url=https%3A%2F%2Fen.wikipedia.org%2Fwiki%2FArrears&amp;usg=AOvVaw0BdCWZrst4RxMe0hI2D-rG\">arrears <\/a>with the International Monetary Fund.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Sudan also expressed its hope to attract investors and obtain pledges to pay the arrears with IMF during a conference in Paris, today. This would pave the way for a broader relief of the external debt burdens that may reach $50 billion.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Sudan has accumulated huge arrears on its debts, but it has recently made progress towards canceling a large part of it within the framework of the IMF and World Bank initiative on the Heavily Indebted Poor Countries.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">If members of IMF pledge to cover Sudan&#8217;s $1.33 billion in arrears to the fund, it is expected that it will move towards a &#8220;decision point&#8221; that will qualify it for the initiative in June and allow it to obtain international financing at a lower cost.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">It is also reported that Sudan settled recently arrears owed to the <a href=\"https:\/\/www.bnreport.com\/en\/sudan-grant\/\">World Bank<\/a> and the African Development Bank through bridge loans from Western countries.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Saudi support<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">A Saudi official, who will participate in the talks to restructure Sudan&#8217;s debt, revealed that the Kingdom will press for a broad agreement to reduce Khartoum&#8217;s debts, which exceed $50 billion.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The transitional government in Sudan, headed by Abdullah Hamdok, is struggling with a stifling economic crisis and implementing difficult reforms as it seeks to reduce the burden of debt owed to foreign countries, global financial institutions and commercial lenders.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The Saudi official said, before a conference held in Paris today, Monday: \u201cWith regard to restructuring, we will press more for everyone to restructure the debts and allow Sudan more room to breathe and support reforms\u201d.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cPostponement alone will not help&#8230; I will look for friends like Saudi Arabia and others to allow the debt reduction,\u201d he added. \u201cWe will support any efforts by the international community to achieve this\u201d.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">According to IMF, Saudi Arabia is the largest creditor of Sudan, with about $4.6 billion.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In March, Saudi Arabia pledged to invest $3 billion in a joint fund to invest in Sudan. \u201cWe are very serious about the $3 billion,\u201d the official said. \u201cWe are looking into the details now, and we also want to make sure that it is a catalyst for other investments&#8230; not only from countries, but also from the private sector\u201d.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>France announced that it would support Sudan with a bridge loan of $1.5 billion to help it clear arrears with the International Monetary Fund. Sudan also expressed its hope to attract investors and obtain pledges to pay the arrears with IMF during a conference in Paris, today. This would pave the way for a broader [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":195534,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[202],"tags":[278,130],"class_list":["post-195533","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","tag-featured","tag-sudan"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>France to grand Sudan $1.5bn loan to settle arrears | BNReport<\/title>\n<meta name=\"description\" content=\"BNReport - France announced that it would support Sudan with a bridge loan of $1.5 billion to help it clear arrears with IMF\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.bnreport.com\/en\/sudan-arrears\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"France to grand Sudan $1.5bn loan to settle arrears | BNReport\" \/>\n<meta property=\"og:description\" content=\"BNReport - 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