Exclusive: Sudan needs $8 billion aid to rebuild ravaged economy, new PM says
KHARTOUM - Sudan needs $8 billion in foreign aid over the next two years to cover its import bill and help rebuild its ravaged economy after months of political turmoil, its new prime minister said on Saturday.
The 61-year-old economist, who has worked for the U.N. Economic Commission for Africa, said he had started talks with the IMF and the World Bank to discuss restructuring Sudan’s crippling debt, and had approached friendly nations and funding bodies about the aid. Sudan has been in economic turmoil since it lost the bulk of its oil production in 2011 when South Sudan seceded after decades of civil war.
Sudan is rich in agricultural resources but high taxes, corruption and mismanagement have held back investment in the sector for decades. “Stopping war, which represents 70% of the expenditure in the budget, will create a surplus that can be invested in production and particularly agriculture, livestock, and related industries,” he said.
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