Sudan’s $60 Billion Debt in Focus at Paris Conference

Sudan’s leaders are in Paris to drum up international investment as they try to slash the country’s $60 billion of debt, a vital step in turning around a ravaged economy, Bloomberg News reported. France is offering a $1.5 billion bridge loan that will help clear Sudan’s arrears with the International Monetary Fund, Finance Minister Bruno Le Maire told a business forum Monday. President Emmanuel Macron later in the day opened a conference to support Sudan attended by its Prime Minister Abdalla Hamdok and dozens of other Sudanese officials. Securing relief for Sudan’s debts to the IMF and other members of the Paris Club is the priority of the events, Finance Minister Gebreil Ibrahim, who gave the $60 billion figure for Sudan’s total debt, told state TV before traveling to France. Sudanese ministries are also presenting proposals to attract investment in sectors including infrastructure, industry, oil, electricity and agriculture, he said. The stakes are high for Sudan, where long-time dictator Omar al-Bashir was ousted by the army amid a popular uprising in 2019 and that’s planning sweeping reforms to rescue an economy wrecked by decades of corruption, mismanagement and sanctions. Read more.