Sudan Gets Huge IMF, World Bank Debt Cut Amid Protests

The World Bank and the International Monetary Fund (IMF) have announced that Sudan is to benefit from U.S.$50 billion in foreign debt relief, effectively reducing the country's current estimated U.S.$56 billion foreign liability to U.S.$6 billion over three years.

The Executive Boards of the World Bank's International Development Association and the IMF said in a statement that they have determined that "Sudan has taken the necessary steps to begin receiving debt relief under the enhanced Heavily Indebted Poor Countries (HIPC) Initiative".

Sudan is the 38th country to reach what is known as the "HIPC Decision Point". However hundreds of protesters took to the streets in the capital Khartoum to demand the transitional government resign over controversial economic reforms. Citizens are unhappy with the IMF-backed reforms that slashed subsidies on petrol and diesel, more than doubling their price.

InFocus

Khartoum

AllAfrica publishes around 800 reports a day from more than 100 news organizations and over 500 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.

X