|Approval Date||23 Apr 2021|
|Signature Date||05 May 2021|
|Planned Completion Date||30 Jun 2022|
|Sovereign / Non-Sovereign||Sovereign|
|DAC Sector Code||15124|
The Economic and Financial Reforms Support Program (EFRSP) is premised on the fragility of Sudan, a country constrained by severe arrears on its debts to international financial institutions (IFIs) and other creditors, for which debt relief is needed in order to unlock access to concessionary funding. This operation is a grant of UA 144 million to the Republic of Sudan from Pillar I of the Transition Support Facility (TSF) ADF15 resources. The main goal is to complement Sudan’s efforts to advance its development agenda, notably to consolidate peace, accelerate poverty reduction, reduce income inequality and catalyze the much-needed financing for transformative and inclusive growth. The program consists of three broad components namely: (i) Advancing fiscal consolidation and financial governance; (ii) Advancing monetary and financial sector development, and (iii) Improving business enabling environment. The operation has been designed in anticipation of Sudan’s arrears clearance; a process being undertaken in collaboration with other development partners (DPs) including the United Kingdom (UK). It considers the need for the Bank to step up its re-engagement with Sudan in post-arrears clearance era, and to support the country’s on-going economic and financial governance reforms. The operation will lay the foundation for longer-term engagement in policy dialogue with the Republic of Sudan.
The goal of the program is to support the government’s home-grown program of reforms aimed at stabilizing the economy, improving competitiveness, and strengthening governance. The overall operational objectives of the proposed operation are to: (i) support the building of a strong foundation for inclusive, resilient and self-reliant economic growth: and, (ii) build state capacity for transparent and accountable management of public resources, fight corruption, enhance financial sector stability, and strengthen compliance with the framework for anti-money laundering and combatting the financing of terrorism.
The direct beneficiaries from the program are Sudan’s key economic governance and financial sector oversight institutions, while the indirect beneficiaries are the people of Sudan who will benefit from enhanced fiscal space for basic service delivery resulting from the unlocking of access to concessional funding. In line with the Bank’s gender objectives, special efforts will be made, and attention paid to ensure that Bank financed projects and programs provide opportunities for women to fully participate in economic activities. The lifting of sanctions on Sudan will also create opportunities for increased development funding, providing opportunities for projects that support women capacity building and entrepreneurship opportunities.
Fragile States Facility
MINISTRY OF FINANCE & ECON PLANING SUDAN
|Last Update||08 Dec 2022|