Monday, June 21, 2021

France cancels $5 billion debt owed by Sudan

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France’s government has announced that it has now canceled Sudan’s $5 billion debt.

French President Emmanuel Macron who made the announcement said the move is part of efforts to support the country rebuild its economy.

Macron was speaking at a Paris conference hosting African leaders and international creditors.

“We are in favor of entirely canceling Sudan’s debt (towards France),” Macron said in a news conference.

He added that “We are expecting from other participants… to make a similar effort, which is the needed effort to free Sudan from the debt burden.”

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The cancellation of the debt should enable Sudan’s transitional government get the economy back on track.

On Monday President Macron hosted an event Sudan’s ruling sovereign council head, General Abdel-Fattah Burhan, and Prime Minister Abdalla Hamdok.

At the event were heads of state of Egypt and Ethiopia, International Monetary Fund Managing Director, Kristalina Georgieva and African Union Commission Chairman Moussa Faki Mahamat.

In 2019 when Sudan’s prime minister took office he said that the country needed up to $10 billion in foreign aid to rebuild it’s economy.

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Abdalla Hamdok said at the time that the money will be needed over a two year period to help fix an economy that is almost collapsing.

Hamdok was sworn in as prime minister on Wednesday. He has vowed to tackle conflict and build a stronger economy.

As leader of the transitional government he was tasked to restore peace as well and help to return the country to civilian rule.

Hamdok was appointment and sworn in after the military took over power, overthrowing long-time leader, Omar al-Bashir.

The new council is now running the country for a three year period until an election after decades of autocratic rule.

 

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Source: Africafeeds.com

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