Crucial moment for Sudan’s economy
Amid terror delisting move, Pompeo says he hopes country will soon recognise Israel
Sudan hailed the U. S. vow to remove it from a list of nations sponsoring terrorism, a designation dating to Khartoum’s hosting of militants including Osama bin Laden in the early 1990s, as a watershed for an economy blighted by decades of sanctions and dictatorship.
Sudan’s Foreign Minister Omar Qamar Al Deen, who held a meeting with Israeli Prime Minister Benjamin Netanyahu in Uganda in February, has previously said the US tried to link the discussions with the possibility of Sudan recognising the Jewish state.
US Secretary of State Mike Pompeo said yesterday he hoped Sudan will soon recognise Israel.
“We are working diligently with them to make the case for why that’s in the Sudanese government’s best interest to make that sovereign decision. We hope that they’ll do that, and we hope that they’ll do that quickly,” he said.
Why itmatters
Dropping the listing will allow Sudan to rejoin the global financial system, resolve its debts, attract investment and restructure the $ 19 billion economy. The US will provide an aid package including some funding, Finance Minister Heba Mohammad Ali said, declining to give details.
US President Donald Trump indicated on Monday themove will happen soon, after authorities agreed to pay $ 335 million in compensation to victims and families of Americans killed in bombings in East Africa in the 1990s that Sudan under dictator Omar Al Bashir was accused of supporting.
The delisting has been keenly sought by the transitional government that took over after Al Bashir’s ouster last year. Economic troubles that began under Al Bashir haven’t let up since, with inflation topping 210 per cent last month and persistent bread and fuel shortages.
The step will allow Sudan to begin discussing financial assistance with other global groups, including a possible $ 1.7 billion loan from the International Development Association, as well as resolve the country’s debts, which stand at about $ 60 billion.
$60b Sudan’s current debt
210% inflation lastmonth