Tuesday, September 26, 2023

IMF works “very intensively” with Sudan for debt relief | News from the Africa Cup of Nations

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The move comes after Sudan’s designation as a sponsor state for terrorism was dropped after nearly 30 years.

The International Monetary Fund (IMF) is working “very intensively” with Sudan to create the conditions for broad debt relief and will assess the progress of a staff-monitored program in March, the IMF managing director said, Kristalina Georgieva.

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

“We hope as soon as possible to present to the members a strong argument on Sudan for the HIPC initiative so that the country can reintegrate into the international community,” Georgieva said. “I hope that in March we have more to tell you.”

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

The sponsoring state for the designation of terrorism, in place for nearly 30 years, had weighed on the Sudanese economy and limited its ability to receive aid.

Under U.S. 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 making available an additional $ 700 million up to in September 2022, which will allow it to release $ 1 billion. arrears to the World Bank.


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