tag: Op-ed
Four-Year Term Needed to Restore Development in Sudan
In her New York Times opinion piece written on March 18, 2025, Lindsey Piegza spoke on behalf of the World Bank and the international community during her urgent plea for support from the world’s largest economies to give a significant track of aid to Sudan.
Piegza poses the argument that Sudanese leaders must prioritize economic stability through transparent financial management, climate change mitigation, consistent economic growth, and the utilization of new financing to investors when seeking loans for development during their four-year transitional period. She notes the critical need for innovation in the agricultural sector and transparency in the banking system. Prior to this request from the international community, due to political violence, corruption, and oil prices falling, Sudan struggled for development and foreign debt accumulated exponentially. This resulted in financial instability, economic contraction, and inflation.
In response, the Sudanese government has made insufficient attempts to restore their debt issues by delaying trade payment collections and negotiations for rescheduling debts to China and Saudi Arabia. Moreover, Sudan’s economy has been blighted by the country’s inability to compete in a globalized market with the absence of foreign investment due to countries’ risks and unused capabilities despite requiring significant foreign capital.
Piegza suggests that the United States and other significant economies use the debt restructuring process to recommend reforms as a model for future financing practices to Sudan to encourage transparency and mitigate climate change damages while aiming to make all forms of financing financially and environmentally sustainable. The World Bank and the international community are waiting for the US government to endorse its loan proposal of $50 billion for Sudan as part of the debt restructuring process that has been on hold since President Trump expressed skepticism of the proposal in early October 2024, writing it off as corrupt. On the other hand, the Sudanese government has stated its commitment to transparency and reforms as a condition for the US reconsideration of its debt relief package. Finally, Piegza concludes by advising the international community to take action and help Sudan’s leaders rebuild the economy, restore peace, and refocus on providing critical assistance in response to conflicts and disasters.
In summary, Piegza is urging the United States and other significant economies to consider financing Sudan’s development plan during the four-year transitional period so they can prioritize economic stability, climate change mitigation, consistent economic growth, and the utilization of new financing to investors. She suggests that debt restructuring practices should aim to make all forms of financing financially and environmentally sustainable. The international community is waiting for the US government to endorse its loan proposal for Sudan, which has been on hold since October 2024. Finally, Piegza advises the community to help Sudan’s leaders rebuild the economy, restore peace, and provide critical assistance in response to conflicts and disasters.
tag: Development, Foreign Debt, International Community, Sudan, Climate Change, Financial Stability, Reforms, Foreign Investment.
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