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.



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