France pledged, Monday, May 17, to help the new democratic Sudan to ease the burden of its debt to allow it to re-enter international financial circuits and attract investors, ahead of an international conference of donors in Paris.

The French Minister of the Economy, Bruno Le Maire, made the announcement: Paris will lend 1.5 billion dollars to Sudan, in the form of a bridging loan, to allow it to cover its arrears vis-à-vis vis-à-vis the International Monetary Fund.

President Emmanuel Macron will confirm this financial commitment from France during the "International Conference in Support of the Sudanese Transition" which will be held from Monday afternoon in the French capital, on the eve of a recovery summit. economy in Africa.

The French president made the promise to Sudanese Prime Minister Abdallah Hamdok during his visit to France in September 2019, six months after the revolution that ousted Omar al-Bashir from power and ended thirty years of reign. without sharing.

"Right decision, at the right time. It is up to Sudan now and to the international community to show that the new Sudan is an opportunity for investors and no longer a hopeless case. The UN is ready to provide support," he said. tweeted Volker Perthes, the special envoy for Sudan.

Breaking news: #France to provide 1.5 billion bridge loan to clear # Sudan's arrears to #IMF.

Good move, right time.

Now upon all of, Sudan, international community to show that the new Sudan is a business case - no longer a basket case.

UN ready to support.

- Volker Perthes (@volkerperthes) May 17, 2021

"France was one of the first countries to mobilize and support the experience of the Sudanese transition" which it considers "as an example of democratic transition in Africa", explained a source close to the Elysee.

"The stake of this summit, it will be to unite the international community around Sudan and to begin the treatment of the multilateral debt of Sudan", one added the same source.

External debt of $ 60 billion

This country rich in oil and mining resources is drowning in an external debt of 60 billion dollars (more than 49 billion euros).

The Covid-19 pandemic has hit an economy in recession for three years, with rampant inflation and which suffers from severe shortages of basic goods.

Seasoned economist Prime Minister Abdullah Hamdok has already cleared debt with the World Bank with US $ 1.15 billion in aid, which in December removed Sudan from the list of states funding terrorism, putting thus ending the economic sanctions which kept him under the ban of the international community.

And Khartoum announced in early May that it had obtained a loan of $ 425 million financed by Sweden, the United Kingdom and Ireland to settle its arrears with the African Development Bank (Bad).

There remains the subject of bilateral debt.

A working session is scheduled in the afternoon to "advance towards the debt relief of Sudan" with the Paris Club, its largest creditor at 38%.

Debt restructuring, by restoring confidence, could pave the way for foreign investment.

"We are very impressed with what you have done," said Medef president Geoffroy Roux de Bézieux, who promised the visit of a delegation of French bosses in the next 12 to 18 months, opening Monday morning the France-Sudan Business Forum organized by the French employers' organization.

Among the strategic sectors likely to attract investors, he cited infrastructure, agriculture, energy, minerals and communications.

"We are dealing with the debt. You can invest in this country. There is no reason not to invest in Sudan now," concluded Bruno Le Maire.

With AFP and Reuters

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