Much of Sudans current debt came from loans in the 1970s and early 1980s when the government was supported by western countries during the Cold War. In 1984 following a set of economic shocks, including a huge drought, Sudan defaulted on the debt to western governments and multilateral institutions, as well as private companies.
Since then, interest
Interest
An amount paid in remuneration of an investment or received by a lender. Interest is calculated on the amount of the capital invested or borrowed, the duration of the operation and the rate that has been set.
has been added to these loans every year, making them grow massively. The debt to the private sector has grown from $1.6 billion to $8 billion. Western governments have b…
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