WASHINGTON, June 30 — The IMF yesterday approved a US$2.5 billion loan for Sudan, and with the World Bank sealed a landmark deal that unlocks nearly US$50 billion in debt relief for the impoverished African nation.
Payment of the arrears is the “decision point” that allows access to debt relief under the Heavily-Indebted Poor Countries initiative which the officials said will cover US$50 billion or about 90 per cent of the country’s foreign debt.‘Historic’ agreement “These steps will unlock much-needed financing and will help build the foundation for poverty reduction, inclusive development, and economic growth.”The new aid comes amid a rapprochement between the United States and Sudan following the ouster of strongman Omar al-Bashir, who was toppled amid street protests in April 2019 after three decades of iron-fisted rule marked by economic hardship, deep internal conflicts, and biting international sanctions that curtailed investment.
President Joe Biden has continued the thaw in relations since taking office in January, and his administration has taken a leading role in encouraging other governments to join in the effort to provide debt relief. Georgieva praised the government’s “strong policy commitment” that has shored up public finances “while channeling assistance to the most vulnerable.”
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