IMF Managing Director Kristalina Georgieva Welcomes Progress in Establishing Financing Plan for Sudan’s Debt Relief
Washington, DC: Ms. Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF), issued the following statement after the IMF Executive Board approved a financing plan for Sudan:
“Today, the IMF Executive Board approved a financing plan that will help mobilize the necessary resources for the IMF to cover its share of debt relief in Sudan. This financing plan relies on a broad effort from IMF member countries, including cash grants and contributions from internal IMF resources.
“This marks a crucial step in helping Sudan advance the process of normalizing relations with the international community and moving towards debt relief under the Heavily Indebted Poor Countries (HIPC) Initiative.
“Sudan’s debt relief is a priority for the IMF. I am heartened by the support of our members and their recognition of the progress made by Sudan in economic reforms under the IMF Staff Monitoring Program (SMP). The HIPC decision point, at which debt relief will begin to flow, would be reached as soon as our members have provided the necessary financial commitments, assuming that the authorities continue their reform efforts and meet the other requirements stipulated in within the framework of the HIPC process. This would help unlock significant new financial resources to meet Sudan’s great development needs and poverty reduction.