KHARTOUM (Sudanow) - IMF Managing Director Kristalina Georgieva on Tuesday announced that the International Fund has secured sufficient financing pledges to allow the Fund to provide comprehensive debt relief to Sudan.
A press release by the world financial body, received in Khartoum on Wednesday, stated that 101 IMF member countries have pledged to provide more than SDR 992 million (US$1,415.7 million) in financing. This will enable the clearance of Sudan’s arrears to the IMF, allow for the provision of new Fund financing, and facilitate the delivery of the HIPC Initiative and other debt relief to Sudan. It said this would also help unlock significant amounts of development assistance and create the conditions for higher and more inclusive growth in Sudan.
Ms. Georgieva welcomed this important breakthrough, noting: “Today’s financing milestone marks a historic opportunity for Sudan to move toward comprehensive debt relief from the IMF and the international community. The Fund will continue to support Sudan in its recovery from a long period of instability and economic hardship.”
The release said the Managing Director thanked the IMF’s member countries for their generous support, adding, “I would like to recognize the efforts of our member countries, including many low-income economies, in mobilizing funding for Sudan, as well as the continued cooperation from the World Bank, African Development Bank, Paris Club, European Commission, and other development partners which were critical to the success of this multilateral initiative.”
She argued that this achievement marks a clear recognition by the banks membership of the extraordinary efforts of the people and the government of Sudan to advance economic and financial reforms despite a challenging environment.
“Sudan is now one step closer to reaching the HIPC Decision Point, a landmark which will significantly reduce Sudan’s total debt and allow access to fresh funds and new investments critical to boost growth and fight poverty,” Ms. Georgieva said.
It is to be noted that the IMF Executive Board meeting on Sudan’s arrears clearance to the IMF and the Enhanced Heavily Indebted Poor Countries (HIPC) Initiative Decision Point is scheduled for June 28, 2021.
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