People outside an exchange bureau in Khartoum. The International Monetary Fund has approved a $2.5 billion extended credit line for Sudan. Reuters
People outside an exchange bureau in Khartoum. The International Monetary Fund has approved a $2.5 billion extended credit line for Sudan. Reuters
People outside an exchange bureau in Khartoum. The International Monetary Fund has approved a $2.5 billion extended credit line for Sudan. Reuters
People outside an exchange bureau in Khartoum. The International Monetary Fund has approved a $2.5 billion extended credit line for Sudan. Reuters

IMF approves $2.5bn credit line for Sudan to help rebuild its economy


Fareed Rahman
  • English
  • Arabic

The International Monetary Fund approved a $2.5 billion extended credit line for Sudan to help the country rebuild its economy and reduce poverty.

The country will also receive debt relief amounting to $50bn under the enhanced Heavily Indebted Poor Countries initiative, the fund said in a statement on Tuesday.

“Sudan’s external public debt will be irrevocably reduced – through the HIPC debt relief and other debt relief initiatives anchored to the HIPC initiative by more than $50bn in net present value terms, representing over 90 per cent of Sudan’s total external debt, if it reaches the HIPC completion point in about three years’ time," the IMF said.

The executive boards of the World Bank’s International Development Association and the fund have both approved debt relief for the country.

“Today marks an important milestone that will enable Sudan to significantly reduce its debt burden. This is a potentially transformative outcome for a nation of 44 million people that has suffered conflict, instability and economic isolation for decades," said World Bank Group president David Malpass.

“The World Bank has been providing pre-arrears clearance grants to Sudan and supporting the Sudan Family Support Programme, and I am looking forward to further scaling up our engagement to improve the living conditions of the Sudanese people."

Altogether, Sudan’s external debt burden is expected to fall from about $56bn, or 163 per cent of the gross domestic product, at the end of 2020 to $6bn, or 14 per cent of GDP, once the completion point is reached and with the participation of all creditors, according to the IMF.

The country's economy is forecast to grow by 0.4 per cent this year after shrinking by 3.6 per cent in 2020, according to the fund.

The African country is undertaking a number of reforms including the removal of fuel subsidies and broadening its tax base to stabilise its economy and boost growth. Earlier this year, it devalued its currency among other measures to help attract investment and boost exports.

IMF managing director Kristalina Georgieva said strong policy commitments by Khartoum have improved governance and helped to strengthen public finances while channelling assistance to the most vulnerable and reducing distortions by moving to a market-determined exchange rate system.

“The authorities have also completed a Poverty Reduction Strategy Paper reflecting the shared view of key stakeholders on a national road map to alleviate poverty and identify priority sectors to achieve this objective,” she said.

Sudan’s economy contracted for a third consecutive year in 2020 and growth is expected to pick up gradually this year as economic stability is restored, according to the IMF.

The fiscal deficit has come down and is expected to narrow further in 2021 but inflation, which stood at 379 per cent in May, continues to remain very high, compared to a year ago.

“This decision is an important milestone that will support Sudan’s reform and development agenda and our efforts to move away from the past and foster better lives for our people,” said Sudanese Prime Minister Abdalla Hamdok.

Last year, the US removed Sudan from its state sponsors of terrorism list, paving the way for the country to receive financial assistance from the World Bank and the IMF.

Next month, a meeting of the Paris Club, an informal group of 22 government creditors, will meet to decide how much debt relief Sudan will get.



Benefits of first-time home buyers' scheme
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The specs
  • Engine: 3.9-litre twin-turbo V8
  • Power: 640hp
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Dust and sand storms compared

Sand storm

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Dust storm

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Drishyam 2

Directed by: Jeethu Joseph

Starring: Mohanlal, Meena, Ansiba, Murali Gopy

Rating: 4 stars

The specs

Engine: 2.0-litre 4cyl turbo

Power: 261hp at 5,500rpm

Torque: 405Nm at 1,750-3,500rpm

Transmission: 9-speed auto

Fuel consumption: 6.9L/100km

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The specs
 
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
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Our family matters legal consultant

Name: Dr Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

Conflict, drought, famine

Estimates of the number of deaths caused by the famine range from 400,000 to 1 million, according to a document prepared for the UK House of Lords in 2024.
It has been claimed that the policies of the Ethiopian government, which took control after deposing Emperor Haile Selassie in a military-led revolution in 1974, contributed to the scale of the famine.
Dr Miriam Bradley, senior lecturer in humanitarian studies at the University of Manchester, has argued that, by the early 1980s, “several government policies combined to cause, rather than prevent, a famine which lasted from 1983 to 1985. Mengistu’s government imposed Stalinist-model agricultural policies involving forced collectivisation and villagisation [relocation of communities into planned villages].
The West became aware of the catastrophe through a series of BBC News reports by journalist Michael Buerk in October 1984 describing a “biblical famine” and containing graphic images of thousands of people, including children, facing starvation.

Band Aid

Bob Geldof, singer with the Irish rock group The Boomtown Rats, formed Band Aid in response to the horrific images shown in the news broadcasts.
With Midge Ure of the band Ultravox, he wrote the hit charity single Do They Know it’s Christmas in December 1984, featuring a string of high-profile musicians.
Following the single’s success, the idea to stage a rock concert evolved.
Live Aid was a series of simultaneous concerts that took place at Wembley Stadium in London, John F Kennedy Stadium in Philadelphia, the US, and at various other venues across the world.
The combined event was broadcast to an estimated worldwide audience of 1.5 billion.

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PROFILE OF HALAN

Started: November 2017

Founders: Mounir Nakhla, Ahmed Mohsen and Mohamed Aboulnaga

Based: Cairo, Egypt

Sector: transport and logistics

Size: 150 employees

Investment: approximately $8 million

Investors include: Singapore’s Battery Road Digital Holdings, Egypt’s Algebra Ventures, Uber co-founder and former CTO Oscar Salazar

Despacito's dominance in numbers

Released: 2017

Peak chart position: No.1 in more than 47 countries, including the United States, the United Kingdom, Australia and Lebanon

Views: 5.3 billion on YouTube

Sales: With 10 million downloads in the US, Despacito became the first Latin single to receive Diamond sales certification

Streams: 1.3 billion combined audio and video by the end of 2017, making it the biggest digital hit of the year.

Awards: 17, including Record of the Year at last year’s prestigious Latin Grammy Awards, as well as five Billboard Music Awards

Company%20Profile
%3Cp%3E%3Cstrong%3EName%3A%3C%2Fstrong%3E%20Takestep%0D%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%20March%202018%0D%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Mohamed%20Khashaba%2C%20Mohamed%20Abdallah%2C%20Mohamed%20Adel%20Wafiq%20and%20Ayman%20Taha%0D%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Cairo%2C%20Egypt%0D%3Cbr%3E%3Cstrong%3ESector%3A%3C%2Fstrong%3E%20health%20technology%0D%3Cbr%3E%3Cstrong%3EEmployees%3A%3C%2Fstrong%3E%20%2011%20full%20time%20and%2022%20part%20time%0D%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%3C%2Fstrong%3E%20pre-Series%20A%3C%2Fp%3E%0A
While you're here
The%20specs%3A%202024%20Mercedes%20E200
%3Cp%3E%3Cstrong%3EEngine%3A%20%3C%2Fstrong%3E2.0-litre%20four-cyl%20turbo%20%2B%20mild%20hybrid%0D%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E204hp%20at%205%2C800rpm%20%2B23hp%20hybrid%20boost%0D%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E320Nm%20at%201%2C800rpm%20%2B205Nm%20hybrid%20boost%0D%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3E9-speed%20auto%0D%3Cbr%3E%3Cstrong%3EFuel%20consumption%3A%20%3C%2Fstrong%3E7.3L%2F100km%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3ENovember%2FDecember%0D%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EFrom%20Dh205%2C000%20(estimate)%3C%2Fp%3E%0A
Gothia Cup 2025

4,872 matches 

1,942 teams

116 pitches

76 nations

26 UAE teams

15 Lebanese teams

2 Kuwaiti teams

THE CLOWN OF GAZA

Director: Abdulrahman Sabbah 

Starring: Alaa Meqdad

Rating: 4/5

The five pillars of Islam

1. Fasting

2. Prayer

3. Hajj

4. Shahada

5. Zakat 

UK-EU trade at a glance

EU fishing vessels guaranteed access to UK waters for 12 years

Co-operation on security initiatives and procurement of defence products

Youth experience scheme to work, study or volunteer in UK and EU countries

Smoother border management with use of e-gates

Cutting red tape on import and export of food

How to help

Send “thenational” to the following numbers or call the hotline on: 0502955999
2289 – Dh10
2252 – Dh 50
6025 – Dh20
6027 – Dh 100
6026 – Dh 200

Apple's%20Lockdown%20Mode%20at%20a%20glance
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Global state-owned investor ranking by size

1.

United States

2.

China

3.

UAE

4.

Japan

5

Norway

6.

Canada

7.

Singapore

8.

Australia

9.

Saudi Arabia

10.

South Korea

Lexus LX700h specs

Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor

Power: 464hp at 5,200rpm

Torque: 790Nm from 2,000-3,600rpm

Transmission: 10-speed auto

Fuel consumption: 11.7L/100km

On sale: Now

Price: From Dh590,000

Living in...

This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.

THE%C2%A0SPECS
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Key facilities
  • Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
  • Premier League-standard football pitch
  • 400m Olympic running track
  • NBA-spec basketball court with auditorium
  • 600-seat auditorium
  • Spaces for historical and cultural exploration
  • An elevated football field that doubles as a helipad
  • Specialist robotics and science laboratories
  • AR and VR-enabled learning centres
  • Disruption Lab and Research Centre for developing entrepreneurial skills
The biog

Place of birth: Kalba

Family: Mother of eight children and has 10 grandchildren

Favourite traditional dish: Al Harees, a slow cooked porridge-like dish made from boiled cracked or coarsely ground wheat mixed with meat or chicken

Favourite book: My early life by Sheikh Dr Sultan bin Muhammad Al Qasimi, the Ruler of Sharjah

Favourite quote: By Sheikh Zayed, the UAE's Founding Father, “Those who have no past will have no present or future.”

Labour dispute

The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.


- Abdullah Ishnaneh, Partner, BSA Law 

What is blockchain?

Blockchain is a form of distributed ledger technology, a digital system in which data is recorded across multiple places at the same time. Unlike traditional databases, DLTs have no central administrator or centralised data storage. They are transparent because the data is visible and, because they are automatically replicated and impossible to be tampered with, they are secure.

The main difference between blockchain and other forms of DLT is the way data is stored as ‘blocks’ – new transactions are added to the existing ‘chain’ of past transactions, hence the name ‘blockchain’. It is impossible to delete or modify information on the chain due to the replication of blocks across various locations.

Blockchain is mostly associated with cryptocurrency Bitcoin. Due to the inability to tamper with transactions, advocates say this makes the currency more secure and safer than traditional systems. It is maintained by a network of people referred to as ‘miners’, who receive rewards for solving complex mathematical equations that enable transactions to go through.

However, one of the major problems that has come to light has been the presence of illicit material buried in the Bitcoin blockchain, linking it to the dark web.

Other blockchain platforms can offer things like smart contracts, which are automatically implemented when specific conditions from all interested parties are reached, cutting the time involved and the risk of mistakes. Another use could be storing medical records, as patients can be confident their information cannot be changed. The technology can also be used in supply chains, voting and has the potential to used for storing property records.

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Updated: June 30, 2021, 7:51 AM`