Sudan seeks debt relief from Gulf lenders

Sudan will enter into bilateral negotiations with Saudi Arabia, the UAE and Kuwait in an effort to get as much as 60 percent of its estimated $30 billion debt written off, SUNA reported.

Sudan will also seek to negotiate rescheduling the remaining debts over 16 years to include a six-year grace period, the news agency reported, citing Gibril Ibrahim, minister of finance and economic planning.

The minister also disclosed plans to introduce fresh legislation to manage the country’s debt in a way that was transparent and accessible to the public.

He pledged that planned investments would help to boost job opportunities for the country’s youth and help to reduce the existing unemployment rate of 40 percent.

AN Riyadh