Sudan’s Acting Minister of Finance and Economic Planning, Dr. Hiba Ahmed, and the US Treasury Secretary, Steven Mnuchin, today signed a memorandum of understanding in Khartoum to provide a same-day bridge financing facility to clear Sudan’s arrears to the World Bank. This move will enable Sudan to regain access to over $1 billion in annual financing from the World Bank for the first time in 27 years.
This visit comes within the framework of the development of relations between Sudan of the revolution and US, especially after delisting Sudan of states sponsoring terrorism, and Sudan’s restoration of its sovereign status in US, which immunized it from all future cases before American courts.
Regaining access to World Bank financing is a major accomplishment by Sudan’s transitional government and an important milestone on the country’s path towards debt relief. International financing will support major infrastructure and other development projects throughout Sudan.
Coupled with the ongoing economic reforms being implemented by the transitional government, international financing will provide an important boost to Sudan’s economic recovery. The ongoing reforms will ensure economic stability by addressing the structural distortions in the economy, promote growth and investment, and build a prosperous economy for all Sudanese, especially the youth, women and war-affected and marginalized communities.
This move by the US Treasury comes after Washington’s decision to remove Sudan from the States Sponsors of Terrorism list on 14 December 2020 and reinstatement of Sudan’s sovereign immunity on 22 December 2020. It also reaffirms the United States’ investment in Sudan’s economic recovery and its commitment to the success of the civilian-led transitional government and achieving lasting peace.