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IMF Approves Financing Plan of Debt Relief to Sudan

Wednesday, 05 12 2021, Category: Economy, Country: Sudan
The International Monetary Fund (IMF) executive board approved on Monday a financing plan to help mobilize resources needed for the fund to cover its share of debt relief to Sudan.

The financing plan relies on a broad effort of IMF member countries, including cash grants and contributions derived from the fund’s internal resources, IMF Managing Director Kristalina Georgieva said in a statement.

“This marks a critical step in helping Sudan advance the process of normalizing relations with the international community and make progress towards achieving debt relief under the Heavily-Indebted Poor Country (HIPC) Initiative,” she added.

The IMF said on Friday it had reached a staff-level agreement with Sudan on completion of the second and final review under its staff-monitored program, in a step towards debt relief.

A strong performance under the year-long IMF economic reform program is a requirement for Sudan to reach the “decision point” for debt relief under the HIPC process. Sudan is expected to reach that point in June.

Source: Asharq Al-Awsat
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