World Bank chief: Sudan is recovering from scarcity Business and economy news

Malpas, the first head of the World Bank who has visited the country for decades, advised patience through the passage of Sudan.

Sudan is improving as it reconnects with the global economy, but the country needs patience to address the deficit and attract investment, the World Bank chief said during his visit.

According to sources in the Sudanese Prime Minister’s Office, David Malpas arrived in the capital, Khartoum, late Wednesday night, the first visit by a World Bank president to the East African country in more than 50 years.

Sudan’s economy is in the throes of a crisis that led to the ouster of former leader Omar al-Bashir in 2019 and has continued ever since.

Inflation fell slightly to 38 percent last month and sharply devalued currencies showed signs of stabilizing, but many Sudanese are struggling with poverty, drug shortages and power outages.

Last week, authorities said they had foiled a coup attempt and on Thursday civilian groups were calling for pro-democracy protests in Khartoum.

“Sudan is moving from a violent situation, from a situation of scarcity to a slowly improving situation,” Malpas said after meeting with Sudanese Prime Minister Abdallah Hamdouk on Thursday.

“It takes time to go through this process and it will be important for people to communicate with each other with patience and tolerance knowing that the whole Sudanese building – a nation – is going to be stronger than the individual.”

Malpas met with Hamdock and Finance Minister Jibril Ibrahim, who described the visit as a “step forward” for Sudan’s integration into the international community.

Economic hardship

Sudan has been battling economic hardship for many years, including huge budget deficits and massive deficits and rising commodity prices.

After decades of war, the situation worsened after the oil-rich south was cut off in 2011, with more than half of the population’s revenue and 5 percent of exports.

Under al-Bashir, Sudan faced widespread international sanctions.

Earlier this year, Sudan’s rapid economic reforms paved the way for more than ৫০ 50 billion in foreign debt relief by unlocking access to international finance.

Over the next year, the World Bank says it will provide about 2 2 billion in grants to help tackle poverty and inequality and boost growth.

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