IMF Commends Economic Reform Programs in Sudan

The International Monetary Fund( IMF) has approved the first review of the Sudan Program for economic reforms, which is monitored by IMF experts, which supports a reform program adopted by the government aimed at achieving economic stability, enhancing social protection, supporting the private sector, and strengthening the foundations of governance.

In a statement, the IMF stated that the Sudanese authorities have made tangible progress towards establishing a strong track record for implementing policies and reforms, which is a key condition for eventual debt forgiveness.

On the other hand, Sky News Space channel reported that the Board of Directors of the IMF   had approved the first review of the reform program for Sudan.

Earlier, the International Monetary Fund said it was ready to help Sudan as it moved toward a broader package of debt relief after Washington removed the country from its list of state sponsors of terrorism.

Carole Baker, head of the IMF mission to Sudan, said that removing Sudan from the US list eliminates one of the obstacles towards debt forgiveness in light of the Heavily Indebted Poor Countries initiative that was launched. Gulf, as he warned that the economic outlook is getting worse for many emerging markets amid the Coronavirus crisis.

In its latest report on the global economic outlook, the IMF expected a global contraction of 4.4 percent in 2020, an improvement from the 5.2 percent contraction expected in June, but said it was still the worst economic crisis since the Great Depression of the 1930s.

The International Monetary Fund has revised down its previous forecasts for all Gulf countries with the exception of Saudi Arabia, which is expected to witness a contraction of 5.4 percent this year, compared to previous estimates of a 6.8 percent contraction.