WASHINGTON: The International Monetary Fund (IMF) has secured sufficient pledges to clear Sudan’s debt with the lender after 101 member countries promised 992 million Special Drawing Rights (SDR), equivalent to $1.42 billion.
“Today’s financing milestone marks a historic opportunity for Sudan to move toward comprehensive debt relief from the IMF and the international community,” Managing Director Kristalina Georgieva said in a statement on Tuesday. “The Fund will continue to support Sudan in its recovery from a long period of instability and economic hardship.”
Sudan’s total external debt amounted to $50 billion at the end of 2019, according to the IMF. The country is still working with its creditors to reconcile its debt up to the end of last year, and officials say the final total could be as high as $60 billion, Reuters reported last month.
Sudan owes the Paris Club creditors group about $19 billion, mainly to France, Austria and the US.
In May, several countries agreed to write off Sudan’s debts during the Paris Conference to support Sudan, including $5 billion from France, which also approved a loan of $1.5 billion.
