Saudi Finance Minister Mohammed Al-Jadaan affirmed the Kingdom’s commitment to work with Sudan to renegotiate the African nation’s debts with China, Kuwait, the UAE and Japan, Sudan News Agency (SUNA) reported.
Saudi Arabia is providing a $20 million grant to partially cover and alleviate Sudan's IMF debt. The initiative, said the Foreign Minister, hopes to help "achieve the aspirations of the Sudanese people toward further progress, prosperity and development." pic.twitter.com/4sLzC9qug7— About Her (@AboutHerOFCL) May 18, 2021
Al-Jadaan said he hopes to be able to completely exempt the debt rather than reduce it and will work with Kristalina Georgieva, president of the International Monetary Fund in helping Sudan.
The Saudi pledge came during a meeting between the Al-Jadaan and Sudan’s Prime Minister Abdalla Hamdok at his residence in the French capital, Paris.
The meeting followed a two-day meeting of the so-called Paris Club of major lenders of which China, Kuwait, the UAE and Japan are not a part.
International Monetary Fund figures show that Saudi Arabia is the third largest creditor to Sudan, with about $4.6 billion outstanding.
The Kingdom announced during the Paris Conference on Monday a $20 million grant to cover part of Sudan’s financing gap with the IMF, Al Arabiya reported.
Sudan is eligible for debt relief under the Heavily Indebted Poor Countries (HIPC) initiative.
Al-Jadaan also mentioned his discussions with the Saudi central bank, regarding the possibility of opening branches of Saudi banks in Sudan to facilitate the movement of capital between the two countries, in addition to facilitating the remittances of Sudanese expatriates.
The Arab Parliament President Adel Bin Abdulrahman Al-Asoumi praised the great support being provided by the Kingdom of #SaudiArabia and the #UnitedArabEmirates to help #Sudan and reduce the burden of its external debthttps://t.co/xJ6CWWvlo6— Saudi Gazette (@Saudi_Gazette) May 18, 2021
This article has been adapted from its original source
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