RIYADH: A Sudanese minister expects Saudi Arabia and Sudan to sign investment project deals worth millions of dollars this year.
This came during the Kingdom’s hosting of an investment forum last week, the Sudan Tribune reported, citing Sudan’s Minsiter of Investment, Al-Hadi Muhammad Ibrahim.
He said that the deals would follow the Eid Al-Adha break without giving a specific date. These planned investments cover infrastructure, electricity and main roads, as well as projects to develop Port Sudan or establish other ports.
Sudan was hit with an economic crisis, which includes inflation approaching 400 percent, shortages of basic goods and services and a spike in food insecurity.
Recent economic reforms by the government include the removal of fuel subsidies and a sharp exchange rate devaluation under an IMF-monitored program required to enter the Highly Indebted Poor Countries (HIPC).
Recently, Sudan received approval from the International Monetary Fund for relief on more than $56 billion in debt and new IMF funding of $2.5 billion over three years. The IMF has accepted the East African country into HIPC initiative based on the country’s commitment to macroeconomic reforms, meaning Khartoum can finally access debt forgiveness and new funds.
The country is the penultimate candidate for the IMF-World Bank program and by far the largest debt holder.