World Bank gives $400 million grants to Sudan for economic reforms

Oct 12, 2020 (Nyamilepedia) – The World Bank has approved $400 million to support the Civilian-led Transitional Government plans to reform the economy, build new democractic structures and equitable social contracts.

Sudanese Prime Minister Abdalla Hamdok got $400 million approved by World Bank for Economic Receovery(Photo credit: Courtesy Image/Nyamilepedia)

Sudanese Prime Minister Abdalla Hamdok got $400 million approved by World Bank for Economic Receovery(Photo credit: Courtesy Image/Nyamilepedia)

The $400 million are meant specifically for new Country Engagement Note (CEN) for Sudan which outlines the financial institution’s program.

According to Hafez Ghanem, World Bank Vice President for Eastern and Southern Africa, with this grant Sudan will ensure access to basic services, stable jobs, transparent and accountable institutions, and economic and social inclusion

“To end extreme poverty and lift people up from a history of fragility and conflict, Sudan must ensure access to basic services, stable jobs, transparent and accountable institutions, and economic and social inclusion,” Hafez Ghanem, World Bank Vice President for Eastern and Southern Africa, said.

The CEN is expected to help Sudan stabilize its economy and accelerate progress towards addressing the country’s debt crises that include clearing arrears to the World Bank.

“The World Bank’s engagement will support the country’s development vision, focusing on macro-economic stability, job creation, and sustainable development for all Sudanese people.” The Bank Vice President added.

The World Bank has wants the $400 million worth of grants to Sudan channelled as recommended as follow: one, $200 million to the Pre-Arrears Clearance Grant for the Sudan Family Support Program, two, another $200 million towards the Sudan Transition and Recovery Support Trust Fund.

The approval of the grant comes just after the Sudanese parties sign a comprehensive peace agreement on October 3, 2020 in the South Sudanese capital, Juba and hope to begin its implementation.

The Sudanese leaders under the leadership of the Civilian-led Transitional Government, the Sudan Revolutionary Front (SRF), and  the holdout opposition of the Sudan People’s Liberation Movement-North/Abdelaziz al-Hilu will resume talks in two days, October 14, 2020, in Juba South Sudan.

The Transitional Government is also calling on the Sudan Liberation Movement led by Abdel Wahid Al Nur to join the peace process so that all parties can be on board in the implementation of the peace agreement.

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