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Sudan pays its arrears to the International Monetary Fund

Elaf from LondonThe British Foreign Office, with the support of the United Kingdom, has announced that $ 1.4 billion in debt to Sudan’s International Monetary Fund has been repaid.

The United Kingdom has welcomed Sudan’s debt settlement to the International Monetary Fund, with the International Monetary Fund providing 36 million from its reserves to help settle Sudan’s debt in this context.

In May, Foreign Secretary Dominic Robb announced a one-day loan of $ 148 million, helping Sudan pay off its overdue debts to the African Development Bank.

A key milestone in Sudan’s economic growth is the fact that the Sudanese government is now able to raise billions of dollars in new money from multilateral institutions to spend on health care and education, to improve the lives of the people, and to help transition to democracy.

The biggest step
James Dotridge, Britain’s Foreign Secretary, said: “This is a huge step forward for Sudan. I congratulate the Prime Minister of Sudan, Abdullah Hamdok, and his government on this great achievement.

He added: “As Sudan continues to repay its debts, it will become a more attractive country for investors, and the UK promises to keep its people healthy and prosperous.

At a meeting of the International Monetary Fund (IMF), he pointed out that the United Kingdom had used its position as chairman of the Group of Seven to agree on an ambitious fund package that would allow the International Monetary Fund to settle overdue debts on Sudan. With the participation of Finance Ministers and other international partners of the Group of Seven countries in June.

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Revealed status
For his part, British President Rishi Sunak said: I congratulate the Government of Sudan on reaching this important milestone. The UK G7 Presidency has mobilized the support of the international community to support this ambitious aid package, which will open Sudan’s access to key funds to address Sudan’s urgent development and humanitarian needs and to achieve its stability.

Chunak added that the Foreign Secretary had visited Sudan in January this year and reaffirmed the UK’s support for the Sudanese government on the path to democracy.

The Treasury Secretary said that as of today, Sudan would have paid $ 2.9 billion in full to the World Bank, the African Development Bank and the International Monetary Fund, thus removing the main obstacle to obtaining new funds from these multinationals. .

Sunak said Sudan’s debt repayment is now in a strong position to repay bilateral debt with other countries, making its debt repayment much longer.