IMF Urges Sudan to Use $3 Billion Oil Payment to Back Reform
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The International Monetary Fund urged Sudan to divert more than $3 billion in compensation it’s set to receive from South Sudan to back reforms that will provide the government with more reliable revenue streams.
Sudan will get the funds over three-and-a-half years as part of an agreement last year to help the country cope with the loss of oil revenue it suffered when South Sudan seceded in July 2011. The country will also collect transportation and processing fees from South Sudan, which exports its crude via Sudanese pipelines to a terminal at Port Sudan on the Red Sea.