The Kingdom of Saudi Arabia will help to ease the debt burden of Sudan through restructuring it and improving the situation.
News Central reports that Sudan which owes more than $50bn in debts has reached out to Saudi Arabia, as a form of improving the nation’s economy.
Sudan’s transitional government led by Abdalla Hamdok is dealing with crippling economic challenges which threatens the survival of the country. Reforms, including debt reliefs have been pushed to the commercial institutions and nations being owed.
Saudi Arabia has agreed to help Sudan get reliefs from the institutions owed, including the $4.6bn debt owed to the kingdom. Saudi Arabia is the third country Sudan is mostly indebted to in finances.
The Kingdom is Sudan’s third-largest creditor with about $4.6 billion in debt, International Monetary Fund figures show.
Under the IMF and World Bank’s Highly Indebted Poor Countries (HIPC) initiative, Sudan is entitled to getting debt reliefs.
The IMF is also working hard to help gather resources for Sudan and convince nations to help with the debt reliefs.
Saudi Arabia has been on a new drive which has seen it invest $3bn as part of a joint investment programmed for the country.
The country is also calling for private sector investment in the country as it claws its way back from the deep economic plunge inflicted by the Omar Al Bashir-led government.