The Sudanese Minister of Finance, Dr. Jibreel Ibrahim, has announced that Sudan will be seeking debt relief from Gulf Arab countries, after having secured the Paris Club’s confirmation of the removal of 14.1 billion dollars of its debts on the country.
According to AP, Ibrahim announced that Sudan will be seeking to get as much as 60% of the country’s overall debts, which total 30 million dollars, written off.
Dr. Ibrahim also mentioned that the government in Sudan is planning to ask three Gulf countries (Saudi Arabia, the UAE, and Kuwait) to reschedule Sudan’s debt for 16 years, and a six-year “grace-period” for payments.
The Sudanese minister announced earlier this week that the Paris Club of creditors had written off 14.1 billion dollars from what is owed to it by Sudan.
The Ministry of Foreign Affairs in Sudan credited the move to its refined approach to handling its internal and external policies in a press statement.
Three weeks ago, Sudan qualified for over 50 billion dollars in debt reduction when it reached the HIPC’s decision point.
Reaching the decision point has proven costly for Sudan, as it had to undergo an economic reform package that was not met with great welcome among the country’s citizens.
The latest of these reforms came about a month ago when the government decided to end fuel subsidies nationwide.
Last December, the US government announced the removal of Sudan from its “State Sponsors of Terrorism” list, which paved the way for the forgiveness of most of Sudan’s total external debt, and Sudan’s re-entry back into the international community.
Sudan’s total foreign debt as it is currently stands at $60 billion.