Government hints at conclusion of negotiation for $900 million budget support from World Bank

The Minister of State at the Finance Ministry, Dr. Mohammed Amin Adam, has stated that negotiations to secure $900 million budget support from the World Bank.

He stated that once the country made the decision to go to the IMF, it also applied for a budget support facility that will be disbursed over the next three years.

“Once we applied for the IMF-supported programme, we also started engaging with the World Bank for budget support and I’m happy to report that we’re far advanced.

“We’re almost concluding the negotiation with the World Bank for a $900 million budget support which will be disbursed in equal installments of $300 million a year.

"And so, for the next three years while the IMF is disbursing the $ 3 billion the World Bank will also be disbursing $900 million, $300 million each year,” he was quoted by myjoyonline.com.

Dr. Amin Adam, also revealed that the World Bank has pledged its country’s Financial Stability Fund with $250 million.

This is to help local banks with liquidity issues.

“The World Bank has also committed to support the Financial Stability Fund with $250 million and then also we’re talking to the African Development Bank to also support the fund up to about $100 million.

"We’re hoping that other development partners will come forth to support our economy, and not just through budget support but also the Financial Stability Fund so that we can make the domestic banking sector stronger,” he said.

SSD/DA