IMF works “intensively” with Sudan to move towards debt relief

Sudan May Benefit From Debt Relief Under Heavily Indebted Poor Countries Initiative

the International Monetary Fund (IMF) works “very intensively” with Sudan to establish preconditions for general debt relief, and will assess progress of staff-monitored program in March, IMF managing director said Kristalina Georgieva said on Monday Jan. 18.

She told reporters during an online press conference that she was encouraged by the strong support of the United States, Britain and other member countries for Sudan’s debt relief in the part of the Heavily Indebted Poor Countries (HIPC) initiative and the determination of the Sudanese. authorities.

“We hope to present members with a solid dossier on Sudan for the HIPC Initiative as soon as possible so that the country can re-enter the international community,” Georgieva said. “I think in March we will have more to tell you. “

The United States, the largest shareholder of the IMF, last month restored sovereign immunity to Sudan and the US Congress passed a law formalizing this decision, following the end of the designation of Sudan as sponsor state of terrorism.

The designation of state sponsor of terrorism, in place for nearly three decades, had weighed on The economy of Sudan and limited its ability to get help.

Under US law, Washington will authorize $ 111 million to repay part of Sudan’s bilateral debt, and $ 120 million to help repay its debt to the IMF while releasing an additional $ 700 million through September. 2022, which will allow it to clear $ 1 billion. arrears to the World Bank. – Rappler.com

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