DUBAI: The World Bank has endorsed a new Country Engagement Note for Sudan, which outlines the financial institution’s program of support for the country’s efforts including economic reforms and building a more equitable social contract.
The CEN focuses on helping Sudan to stabilize the economy and accelerate progress towards addressing the country’s debt challenges, including clearing arrears to the World Bank, the Bank said.
“To end extreme poverty and lift people up from a history of fragility and conflict, Sudan must ensure access to basic services, stable jobs, transparent and accountable institutions, and economic and social inclusion,” according to Hafez Ghanem, World Bank Vice President for Eastern and Southern Africa.
“The World Bank’s engagement will support the country’s development vision, focusing on macro-economic stability, job creation, and sustainable development for all Sudanese people.”
The World Bank also approved $400 million worth of grants to Sudan, namely $200 million for the Pre-Arrears Clearance Grant for the Sudan Family Support Program and a similar amount for the Sudan Transition and Recovery Support Trust Fund.
The project aims to deliver cash transfers and improve safety net systems for Sudanese families affected by expected economic reforms and other short-term shocks.