On Monday, the Executive Board of the International Monetary Fund approved a financing plan that will help mobilize the necessary resources for the fund to cover its share of debt relief in Sudan.
“This financing plan depends on an expanded effort by member states, including cash grants and contributions derived from the fund’s internal resources,” IMF Director Kristalina Georgieva said in a statement. Read alsoSudan .. Memorandum of Understanding with the US Treasury to pay the country’s arrears to the World BankThe Sudanese Central Bank unifies the exchange rate, and this is what the tweeters saidFears of worsening economic conditions in Sudan after liberalizing the pound exchange rateThe absence of statistics on poor families is a major challenge facing the “Thimara” program in Sudan
“This indicates an important step in assisting Sudan in the process of normalizing relations with the international community, and achieving progress towards implementing debt relief under the Heavily Indebted Poor Countries initiative,” she added.
The financing plan would help Khartoum free large new financial resources flowing into its treasury to meet development needs and reduce poverty, according to the fund’s statement.
On Friday, the IMF said it had reached an expert-level agreement with Sudan to complete the second and final review under its program, which is monitored by IMF experts, a step forward towards easing its debt.
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The strong performance, under a one-year economic reform program with the IMF, is a condition for Sudan to reach a “decision point” for debt relief in light of the Heavily Indebted Countries Relief Initiative.
Last April, a French diplomat said that his country is ready to grant a bridge loan amounting to $ 1.5 billion to pay Sudan’s arrears due to the IMF, and to bring this country a step closer to securing relief for most of its debts.
Khartoum – where a transitional civilian government is battling a stifling economic crisis – is seeking relief that includes at least $ 50 billion in foreign debt that the country owes to international financial institutions, official bilateral creditors and trade creditors.
Sudan has already obtained bridge loans from the United States and Britain to pay back arrears owed to the World Bank and the African Development Bank, and about 85% of the debt is arrears.
The country has suffered decades of economic sanctions and isolation during the era of former President Omar al-Bashir, who was ousted by the army after months of popular protests in April 2019.