Press Release No. 21/127

IMF Managing Director Kristalina Georgieva Welcomes Progress Toward Securing a Financing Plan for Debt Relief for Sudan

May 10, 2021

Washington, DC: Ms. Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF), issued the following statement following approval by the IMF Executive Board on a financing package for Sudan:

“Today, the IMF Executive Board approved a financing plan that will help mobilize the resources needed for the IMF to cover its share of debt relief to Sudan. This financing plan relies on a broad effort of IMF member countries, including cash grants and contributions derived from IMF internal resources.

“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.

“Debt relief for Sudan is a priority for the IMF. I am encouraged by the support from our members and by their recognition of the progress Sudan has made on economic reforms under the IMF Staff-Monitored Program (SMP). The HIPC Decision Point, at which time debt relief will begin to be delivered, would be reached as soon as our members have provided the necessary financial commitments, assuming the authorities continue their strong reform efforts and meet the other requirements stipulated under the HIPC process. This would help unlock significant new financial resources to address Sudan’s large development needs and poverty reduction.”