China to increase loans provided to Sudan
May 17, 2013 (KHARTOUM) - The People’s Republic of China has agreed to speed up measures aimed at increasing the level of loans offered to Sudan with priority given to projects linked to increasing production. This came following talks on developing economic and trade cooperation conducted by the Sudanese State’s Minister of Finance Abdel-Rahman Dirar with Chinese officials in Beijing. The Chinese Export and Import Bank has pledged to coordinate with the Chinese Ministry of Commerce to speed up measures to increase the level of preferential and concessional loans as well as grants with priority given to projects linked to increasing production and productivity. The Sudanese official disclosed that several memorandums of understanding (MOU) have been signed between the two countries, declaring that Chinese officials expressed understanding of Sudan’s difficult economic conditions and pledged to accelerate completion of the procedures for granting loans to projects which Sudan has designated as a priority as well as the agricultural projects. According to Dirar, the meetings which included the Chinese Ministry of Commerce, the Export and Import Bank, and Loan Insurance Company of China; has asserted the role of China in helping Sudan overcome its economic difficulties. Sudan’s economy was hit hard since the southern part of the country declared independence in July 2011, taking with it about 75% of the country’s oil output. Sudan’s national assembly approved the 2013 budget last year which projects 25.2 billion Sudanese pounds (SDG) in revenues and 35.0 billion SDG in expenses leaving a deficit of 10 billion SDG ($1.5 billion) which equals 3.4% of the country’s Gross Domestic Product (GDP). Sudan’s external debt is estimated to have grown by 27% since 2008 from $32.6 billion to $41.4 billion in 2011. The IMF forecasts that the debt level will reach $43.7 billion in 2012 and $45.6 billion in 2013. The latter represents 83% of Sudan’s 2011 GDP, which was $55.1 billion. (ST) -- You received this message because you are subscribed to the Google Groups "South Sudan Info - The Kob" group. To unsubscribe from this group and stop receiving emails from it, send an email to [email protected]. To post to this group, send email to [email protected]. For more options, visit https://groups.google.com/groups/opt_out.
