Reuters: Sudan denied $650 million in funding after coup

During the month of November, Sudan was unable to access $650 million in funding after the October 25th caused international donors to pause their donations.

AlTaghyeer: Reuters: Agencies

According to Reuters, Dr. Jibreel Ibrahim, Finance Minister in Hamdok’s dissolved government and leader of the Justice and Equality (JEM) movement, revealed to Reuters that the funding Sudan was anticipating included $500 million “in budget support from the World Bank and $150 million in special drawing rights from the International Monetary Fund.”

Ibrahim told Reuters that the suspension of international support would mainly affect development projects in areas such as “water supply, electricity, agriculture, health and transport.”

The dissolved government’s Finance Minister said that he expects funding to resume however in a matter of three to six months.

He also revealed that an internationally funded basic income programme that aimed at lessening the impact of Sudan’s subsidy reform has also been frozen.

Despite so, the former Finance Minister stated that Sudan still remains contact with all friendly states, and that the country should focus more on seeking investments rather than grants coming from the Arab Gulf states, who –as he put it– are facing economic problems of their own.

 Jibreel, who addressed pro-military takeover protesters before al-Burhan’s 25th October coup demanding the then-government he was part of resign, told Reuters that he expects to retain his position as Finance Minister in the coming government.

Sudan had struck a deal with the IMF and the World Bank that had allowed it to have a large amount of its debt erased, and $2 billion promised in grants, earlier this year.

The country also saw its inflation rate, which went through large increases starting May, decrease to below the 300% threshold for the month of September, sitting at 226.93% for the food and beverage group.

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