Thursday, March 4, 2021

IMF working ‘very intensively’ with Sudan for debt aid

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The move comes after Sudan’s designation as a state sponsor of terrorism was dropped after nearly 30 years.The International Monetary Fund (IMF) is working “very intensively” with Sudan to construct the circumstances for broad debt aid and can assess progress on a staff-monitored programme in March, IMF Managing Director Kristalina Georgieva mentioned.
She advised reporters throughout an internet information convention that she was inspired by robust assist from the United States, the United Kingdom and different member nations for offering debt aid to Sudan underneath the Heavily Indebted Poor Countries (HIPC) initiative and by the dedication of the Sudanese authorities.
“We do hope as swiftly as possible to present to the membership a strong case on Sudan for HIPC so that country can reintegrate with the international community,” Georgieva mentioned. “I expect that in March we will have more to tell you.”
The US, the IMF’s largest shareholder, final month reinstated Sudan’s sovereign immunity and the US Congress handed laws formalising the move, following the ending of Sudan’s designation as a state sponsor of terrorism.
The state sponsor of terrorism designation, which was in place for almost 30 years, had weighed on Sudan’s financial system and restricted its potential to obtain help.
Under the US laws, Washington will probably be authorising $111m to repay a part of Sudan’s bilateral debt, and $120m to assist repay its debt to the IMF whereas making one other $700m out there till September 2022, which can enable it to clear $1bn in arrears to the World Bank.

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