June 23, 2021- (Nyala )The International Monetary Fund has announced a debt relief package for Sudan, a step in helping the country as it tries to rejoin the global economy after years of isolation.
In a statement distributed late Tuesday, the fund’s managing director Kristalina Georgieva said that it had obtained enough pledges from more than 100 member countries to finance the debt relief package of some US$1.4 billion. This will help to erase debts Sudan owed to the IMF, but also other lending institutions.
“Today’s financing milestone marks a historic opportunity for Sudan to move toward comprehensive debt relief,“ she said. “The Fund will continue to support Sudan in its recovery from a long period of instability and economic hardship.”
Its new standing will make the country eligible for new IMF loans, but also developmental aid and assistance. It comes after France announced that it would forgive $5 billion of Sudan’s debt at a conference meant to drum up international financial support for the African country in May.