Sudan Seeking Debt Relief from Gulf Arab Nations

sudan gulf debt nations relief
Gulf
  • Date: 07/19/2021
  • Source: Asharq AL-awsat
  • Sector: Economy
  • Country: Gulf

Sudan Seeking Debt Relief from Gulf Arab Nations

Sudanese youths wave the national flag as they rally in the streets of the capital Khartoum, chanting slogans and burning tires, on December 19, 2020. (AFP) Sudan will seek relief from wealthy Gulf Arab nations, aiming to get as much as 60% of the African country's $30 million in debt to them written off, the Sudanese finance minister said. The announcement late Sunday by the minister, Gebreil Ibrahim, came after cash-stripped Sudan received a $14.1 billion debt relief from the Paris Club of creditor nations last week. Ibrahim said Khartoum would also ask Saudi Arabia, the United Arab Emirates and Kuwait to reschedule Sudan's remaining debt for 16 years. The talks would also focus on a six-year grace period for debt payments, he said. The Paris Club, a group of 22 nations that lend to governments in need, on Friday urged other lenders to provide similar debt forgiveness to Sudan, which is in a fragile transition to democracy following a 2019 popular uprising that led to the military's ouster of longtime autocrat Omar al-Bashir. The club also agreed to reschedule Sudan's remaining $9.4 billion in debt to the group. "What happened in the Paris Club ... is a significant achievement…