FINANCIAL NEWS

Sudan urges UN for debt exemption

30 Sep 2012

(MENAFN) Sudan has asked the United Nations General Assembly to cancel its debts and support its economy as it struggles to recover from losing three-quarters of its critical oil revenue after South Sudan seceded a year ago, Reuters reported.

Previously, the International Monetary Fund (IMF) urged Sudan to meet donors over to discuss debt relief and some IMF board members called for “exceptional efforts” from the IMF and the global community to help Sudan reduce its debt of about USD40 billion.

The now two neighbouring countries finally reached a border security deal to resume critically needed oil exports. However, they failed to agree on the other key conflicts left over from last year’s break up.

Both sides failed to settle the fate of at least five disputed oil-producing regions along the border.

Tensions over the unmarked 1,200-mile (1930-km) common border spilled over into fighting in April, when South Sudan’s army briefly occupied the Heglig oilfield, vital to Sudan’s economy.

They were also unable to reach a solution for the border region of Abyei, which has symbolic significance to both and is rich in pastures. Plans for a referendum have failed over the question of who should participate.

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