WASHINGTON, June 22 (KUNA) -- International Monetary Fund (IMF) Managing Director Kristalina Georgieva announced Tuesday that the IMF has secured "sufficient financing pledges" to allow the Fund to provide "comprehensive" debt relief to Sudan.
In a statement, the IMF noted that 101 member countries have pledged to provide more than USD 1,415.7 million in financing that will enable "the clearance of Sudan's arrears to the IMF, allow for the provision of new Fund financing, and facilitate the delivery of the HIPC (Heavily Indebted Poor Countries) Initiative and other debt relief to Sudan".
It added, "this will also help unlock significant amounts of development assistance and create the conditions for higher and more inclusive growth in Sudan".
IMF Managing Director Kristalina Georgieva welcomed this important breakthrough, saying, "today's financing milestone marks a historic opportunity for Sudan to move toward comprehensive debt relief from the IMF and the international community".
"The Fund will continue to support Sudan in its recovery from a long period of instability and economic hardship," she added.
She affirmed, "this achievement marks a clear recognition by our membership of the extraordinary efforts of the people and the government of Sudan to advance economic and financial reforms despite a challenging environment".
"Sudan is now one step closer to reaching the HIPC Decision Point, a landmark which will significantly reduce Sudan's total debt and allow access to fresh funds and new investments critical to boost growth and fight poverty," she noted. (end) si.mb