Development Finance Institutions commit to support Sudan’s transformation
African Development Bank President Akinwumi Adesina assured the Sudanese
government of the Bank’s continued support in the country’s
transformation journey
ABIDJAN, Ivory Coast, June 30, 2020/ --
Three leading international financial institutions, the African
Development Bank (www.AfDB.org), the World Bank, and the International Monetary Fund (IMF), on Thursday
pledged multi-pronged support to Sudan as it opens a new chapter to
overcome political and economic challenges.
At a high-level Sudan Partnership Conference held virtually and hosted
in Berlin on 25 June, the three multilateral organizations and several
governments affirmed their strong support for the country’s Transitional Government and its economic recovery efforts.
Over $1.8 billion dollars in pledges for Sudan poured in during the
conference, which marked an important step in the African nation’s
re-engagement with the international community.
Sudanese Finance Minister Ibrahim el-Badawi highlighted the
comprehensive reforms that the Transitional Government of Sudan has
launched to put in place a transparent, productive and resilient
economy.
“We will pass an anti-corruption law, create an anti-corruption
commission and reform the enabling environment for business and
investment,” el-Badawi said during the panel discussions on the
country’s economic reforms and the way forward.
He promised an era of transparently managed budgets that will focus on
health, education and other sectoral reforms, including a transformed
public service and a Family Support Programme. The Minister also called
for partnerships at “every step of the way,” a position echoed by his
colleague, Minister of Labour, Lena el-Sheikh Mahjoub.
The conference marked an important milestone in Sudan’s re-engagement
with the international community. African Development Bank President
Akinwumi Adesina assured the Sudanese government of the Bank’s continued support in the country’s transformation journey.
“You can be very sure of strong support from all of us, starting from
the African Development Bank in this herculean task,” said Adesina. He
went on to praise Sudanese Prime Minister, Abdalla Hamdok, and the
country’s leadership “If you are looking for leaders who actually have
good ideas about how to come out of tough times and make the economy
more resilient, you couldn’t have asked for a better person than
Hamdok.”
The Government has approached the Bank for support in the preparation of a long-term development strategy, which will consolidate ongoing
reforms to ignite growth, lay the foundation for sustaining high and
inclusive growth and spur transformation towards a knowledge-based
economy. The Bank currently has a $511 million portfolio in this African country.
IMF Managing Director, Kristalina Georgieva, reiterated the urgent need
to extend support to Sudan. The IMF and Sudan on June 23 reached an
agreement to put in a place a 12-month Staff Monitored Program (SMP)
aimed at narrowing large macroeconomic imbalances, reducing structural
distortions hindering economic activity and job creation, strengthening
governance and social safety nets. The SMP will also facilitate progress toward debt relief under the heavily indebted poor countries (HIPC)
initiative.
World Bank President, David Malpass, reiterated ongoing and planned
support for Sudan’s reform programme. “At the Government’s request, we
have been working to design the Sudan Family Support Program It’s an
ambitious cash transfer program to mitigate the impacts of the economic
crisis. The program is costed at $1.9 billion and seeks to cover cash
transfers of $5 monthly per person to 80 percent of the population,
using digital and other delivery mechanisms. Following months of
intensive technical work, it is now being piloted and readied for
implementation.”
A communique issued at the end of the Sudan Partnership Conference
congratulated the African Development Bank for its steadfast support for Sudan through its funding of the country’s Poverty Reduction Strategy
Paper and for efforts to clear the country’s arrears to the Bank.
About the African Development Bank Group:
The African Development Bank Group (AfDB) (www.AfDB.org) is Africa’s premier development finance institution. It comprises three distinct entities: the African Development Bank (AfDB), the African
Development Fund (ADF) and the Nigeria Trust Fund (NTF). On the ground
in 44 African countries with an external office in Japan, the AfDB
contributes to the economic development and the social progress of its
54 regional member states. For more information: j.mp/AfDB_Media
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