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CGD in the News

Sudan Announces Agreement on Debt, Oil With Seceding South, Minister Says (Bloomberg)

June 9, 2011

CGD was mentioned in a Bloomberg article on Sudan's debt.

From the Article

Sudan said it agreed with Southern Sudan to lobby creditors for relief on its $38 billion foreign debt and set up a mechanism for the payment of fees on the export of oil from sub-Saharan Africa’s third-biggest producer.

If there is no debt relief within two years, they agreed to share responsibility for the debt, Idris Abdelgadir, state minister for presidential affairs, told parliament today in Omdurman, a suburb of Khartoum, the capital. The accord came in negotiations to prepare for oil-rich Southern Sudan’s independence on July 9.

Sudan hasn’t been able to borrow from the World Bank since 1993 because it failed to make payments on its debt and has arrears of about $30 billion, according to the Washington-based Center for Global Development, an aid research group.

Read it Here.