Thursday, September 23

Tag: World Bank

IMF secures sufficient pledges to provide comprehensive debt relief to Sudan
Business

IMF secures sufficient pledges to provide comprehensive debt relief to Sudan

The International Monetary Fund (IMF) said on Tuesday it has secured sufficient financing pledges to allow it to provide comprehensive debt relief to Sudan, clearing a final hurdle towards wider relief on external debt of at least $50 billion. More than 100 IMF member countries have pledged to provide more than $1.415 billion in financing which will enable the clearance of Sudan's arrears to the IMF, the IMF said in a statement. Sudan is emerging from decades of economic sanctions and isolation under ousted former president Omar al-Bashir. It had built up huge arrears on its debt, but has made rapid progress towards having much of it forgiven under the IMF and World Bank's Highly Indebted Poor Countries (HIPC) scheme, which would reopen access to badly needed cheap international ...