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Like US, EU, World Bank suspends aid to Sudan over military coup

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Nigeria’s economic growth will be stagnant for the next 3yrs – World Bank

Following a military takeover that deposed the Prime Minister of Sudan, Abdalla Hamdok, on Monday, the World Bank Group said it has suspended aid to the country.

The development was disclosed in a statement on Wednesday by World Bank’s President, David Malpass.

“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,” Malpass said.

Meanwhile, this comes after the United States and European Union suspended their aids to the country.

The military had on Monday seized Hamdok and briefly detained him in the coup that came after two years into an unstable power-sharing arrangement between the military and civilians, after the army ousted longtime autocrat Omar al-Bashir in April 2019.

READ ALSO: World Bank condemns Nigeria’s N2.9tn subsidy funding

According to Melpass’s statement, the World Bank paused disbursements in all of its operations in Sudan since Monday and has stopped processing any new operations, as it closely monitors and assesses the situation in the country.

“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,” Malpass said.

Sudan had been emerging from decades of stringent US sanctions after Washington removed the country from its state sponsor of terrorism blacklist in December 2020, eliminating a major hurdle to much-needed aid and financial investment.

The World Bank and IMF in June granted Sudan debt relief under the Heavily Indebted Poor Countries Initiative, cutting the nation’s debt in half to about $28 billion, and the institutions have offered additional help if economic reforms continue

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