Sudan Loses $2 billion As World Bank Suspends Aids Due to Military Coup

SUDAN loses about $2 billion from world Bank which has announced suspension of aid programmes following military coup that occurred on Monday in the country.

The Bank through a statement on Wednesday said it was suspending its economic relief programmes to Sudan, a move to distance itself from the country in the interim over an attempt by military forces to scuttle democratic governance, and its possible threat to stability of the country.

In the statement, President of the bank, David Malpass, said , “I am greatly concerned by recent events in Sudan, and I fear the dramatic impact this can have on the country’s social and economic recovery and development.”
Several countries and Inter national organisations have condemned the latest military onslaught in the North African country.

“The World Bank Group paused disbursements in all of its operations in Sudan on Monday and it has stopped processing any new operations as we closely monitor and assess the situation. We hope that peace and the integrity of the transition process will be restored, so that Sudan can restart its path of economic development and can take its rightful place in the international financial community,” part of the staement reads.

A report by Associated Press disclosed that World Bank had rolled out thr sum of $2 billion for economic relief programmes to assist Sudan in resolving its financial crisis caused by years of political instability.

In a swift reaction to the crisis, the United States also withdrew its aid amounting to $700 million to Sudan due to the military crisis, which has led civil disobedience as the citizens fill streets protesting against the political development in the country.