The Director-General of the International Monetary Fund, Kristalina Georgieva, announced that the International Monetary Fund has obtained sufficient funding pledges to allow the Fund to provide comprehensive debt relief for Sudan.
The World Bank said in a press release published today that 101 member countries of the International Monetary Fund have pledged to provide financing in excess of 992 million Special Drawing Rights (US$1,415.7 million), which will enable the settlement of Sudan’s arrears to the International Monetary Fund, and allow the provision of new financing. to the Fund, facilitates the delivery of the HIPC Initiative and other debt relief to Sudan and creates higher and more inclusive growth conditions for Sudan.
The press release said that Ms. Georgieva welcomed “this important achievement,” noting that “today’s funding milestone represents a historic opportunity for Sudan to move towards comprehensive debt relief for the IMFand the international community. The Fund will continue to support Sudan in its recovery from a prolonged period of instability and economic hardship.” .
The statement said that the Director-General thanked the IMF member-states of the for their generous support, adding: “I would like to commend the efforts of our member countries, including many low-income economies, in mobilizing financing for Sudan, as well as the continued cooperation from the world.” African Development, the Paris Club, the European Commission and other development partners have played a critical role in the success of this multilateral initiative.”
This achievement “represents a clear acknowledgment by our membership of the extraordinary efforts of the people and government of Sudan to advance economic and financial reforms despite the challenging environment,” Ban added.
Ms. Georgieva said that Sudan is now one step closer to reaching the HIPC decision point, a milestone that will significantly reduce Sudan’s total debt and allow access to new funds and new investments essential to boosting growth and fighting poverty.
SUNA notes that the meeting of the Executive Board of the IMF on the settlement of Sudan’s arrears to the International Monetary Fund and the Heavily Indebted Poor Countries (HIPC) initiative will be held on June 28, 2021.