Sudan obtained a relief of more than 50 billion dollars of its external debts in a process considered the largest in the history of a country newly included in the Heavily Indebted Poor Countries (HIPC) initiative, and the procedure was done in the shortest period of time that did not exceed 6 months since the beginning of cooperation between the Sudanese government and the two institutions, IMF and the World Bank.
The decision paves the way for Sudan to obtain new grants and loans from the World Development Fund in the amount of 4 billion dollars, half of which is allocated to spending on the service sectors, electricity, water, education and health.
Abdallah Hamdok, the Sudanese Prime Minister, described the decision as a historic achievement that opens a new page with the world, praising the patience of the Sudanese people for their lost dreams and aspirations that go with the winds of conflicts and political fluctuations.
The World Bank and the International Monetary Fund decided in a joint statement to exempt 23 billion of Sudan’s debts, to be complemented by other initiatives, to reach more than 50 billion dollars in current value, and this represents more than 90 percent of Sudan’s total external debt.
Kristalina Georgieva, IMF Managing Director, said that Sudan has reached the decision point of the HIPC initiative, given the authorities' continued commitment to reform in an extremely difficult political, economic and security environment.
Source (Asharq Al-Awsat Newspaper, Edited)
