Foreign donors pledge $1.8 billion to ease the economic crisis in Sudan

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In a bid to foster democracy in Sudan, foreign donors pledged a $1.8 billion donation that would help ease the economic crisis in Sudan.

The conference which was hosted by Germany saw the European Union pledge 312 million euros ($350.13 million), the United States (US) $356.2 million, Germany 150 million euros, France 100 million euros, and Britain £150 million.

The United Arab Emirates donated $50 million while Saudi Arabia donated only $10 million with grounds that it had donated $500 million to Sudan over the past year.

More so,  China and Spain as a form of assistance offered  to assist Sudan with relieving its debt, which stands at about $56 billion.

According to officials, donations are aimed at providing humanitarian and development programmes, as well as planned cash transfers to poor families with the help of the World Bank.

World Bank’s top official David Malpass said the institution was in the process of securing a $400 million “pre-arrears clearance grant” for Sudan, and is expected to be approved by August.

However, Prime Minister Abdalla Hamdok, called on foreign aids to render more support for the country,  during his reign under a precarious, transitional power-sharing deal with the military.

“We expect our partners to support us to have a successful transition,” he said. “I do not want to paint a rosy picture. Any transition is messy and there are so many challenges,” he said.

Although the pledges were well below the $8 billion in aid that Hamdok said last August was needed to turn around an economy in crisis since Sudan lost almost all its oil revenue when South Sudan seceded in 2011.

Nevertheless the  $1.9-billion family cash scheme could be a means in reducing the impact felt from the fuel and other subsidies removal.

It can also be seen as a step towards a complete removal from the US sanction list as it fosters relationship between Sudan and its foreign allies.

Last month, Sudan witnessed a 100 percent Inflation topple, as the Sudan currency plunged to 141 to the dollar on the black market compared to 55 at the official rate.



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