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Sudan gets $1.4 million IMF debt relief fund

Juba, South Sudan,

June 28, 2021 – At least 101 member countries of the International Monetary Fund (IMF) have pledged to provide at least $1.4 to offer comprehensive debt relief to Sudan in an effort to strengthen the country’s economy.

Sudan gets $1.4 million IMF debt relief fund
IMF Managing Director Kristalina Georgieva (photo credit: Anadolu Agency)

In a statement seen by Nyamilepedia, IMF Managing Director Kristalina Georgieva (pictured) said this will enable the clearance of Sudan’s arrears to the Fund, allow for the provision of new financing, and facilitate the delivery of other debt relief initiative to Sudan, adding that it will also help unlock significant amounts of development assistance and create the conditions for higher and more inclusive growth in Sudan.

The Managing Director welcomed the important economic breakthrough describing it as an important milestone to economic growth in the North African Country.

“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,” she said.

Sudan plunged into economic and political turmoil in 2018 under the leadership of Omar Bashir, now wanted by the International Criminal Court at The Hague. The crisis was compounded by the impact of the COVID-19 pandemic.

The Sudan Transitional Government has been struggling to find sustainable solutions to put the economy on the verge of recovery.

The debt relief initiative could be a leeway to help the Abdallah Hamdock-led administration to recover its economy.

Ms. Georgieva thanked the IMF member countries for the generous support to help Sudan’s economy recover.

“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,” Georgieva said.

“This achievement marks a clear recognition by our membership of the extraordinary efforts of the people and the government of Sudan to advance economic and financial reforms despite a challenging environment,” she added.

“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.

 

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