France announced Monday that it will grant Sudan a $1.5 billion loan to help the North African country pay off its debt to the International Monetary Fund. Finance Minister Bruno Le Maire made the announcement in Paris at the start of an international summit hosted by President Emmanuel Macron. The loan aimed at helping Sudan erase its total external debt of $50 billion and attract foreign investment to rebuild its economy. Sudan’s economy was shattered by decades of autocratic rule of former President Omar al-Bashir. Al-Bashir was ousted in 2019 by the military after a popular uprising and his regime replaced with a transitional civilian-military council. Khartoum is $1.3 billion in arrears to the IMF, while about half of its debts are with members of the Paris Club, a group of major creditor countries which helps other countries come up with an easier method of paying its debts.
SOURCE: VOA
More Stories
Re-entry of Higher Capacity Aircraft on African Routes Shows Recovery of Hard Hit Travel Sector
For the First Time, Jumia May have to Worry about its Liquidity Position
The Pros and Cons of South Africa’s Tourism Marketing Strategy
Can Southern African States Move Further Up the Lithium Value Chain?
Dutch Energy Producer Eyes Africa Expansion
Libya’s Oil Ministry has Rejected the $8bn Offshore Gas Projects Deal
Zimbabwe’s Leader is Seeking Investment for a New National Capital
South African Poultry Farmers in Dire Straits
Travel Marketplace for Immersive Experiences Matching Tourists with Verified African Curators
Africa’s Only All-Female Solar Panel Assembly Plant Launched in Cape Town
Pope Francis Condemns “Economic Colonialism” as He Arrives in the DRC
Encouraging Signs that Corruption is being Successfully Tackled in Parts of Africa