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May 12, 2021 (KHARTOUM) - The African Development Bank (AfDB) announced today that the process to clear Sudan's arrears has been officially completed. "The clearance of Sudan's arrears was made possible with the support of the United Kingdom government through bridge financing of GBP148 million to clear Sudan's arrears to the African Development Fund. Sweden provided grant financing of about $4.2 million to meet Sudan's burden-share for the.
Foreign Secretary, Dominic Raab said:
When I visited Sudan in January I announced the UK’s intent to support Sudan’s path to debt relief as Prime Minister Hamdok delivers much needed reforms in support of the country’s economic revival and transition to democracy.
Today the UK has delivered on that commitment by providing a £148m bridging loan that has enabled Sudan to clear its arrears at the African Development Bank. I would like to thank His Excellency Finance Minister Gibril Ibrahim, and African Development Bank Director General Nnenna Nwabufo and their teams for their hard work to make this happen.
RIYADH: Sudan passed the second review of the World Bank program, under the supervision of International Monetary Fund (IMF), in a move toward reducing its external debt, SPA reported.
This paves the way to accept Sudan into the Heavily Indebted Poor Countries Initiative (HIPC) that could help to reduce its debt burden and open new credit lines, said Finance Minister Gibril Ibrahim in a statement on Monday.
A decision on Sudan’s eligibility for the debt reduction initiative is expected in June.
It follows a year-long economic reform program under the supervision of the IMF and a conference in Paris this month to promote investment in the country.
Sudan secures loan to clear African Development Bank debt
Sudan has taken painful steps to fix its battered economy [Getty] Date of publication: 6 May, 2021 Share this page:
Sudan announced on Wednesday that it had secured a multi-million-dollar bridge loan from the United Kingdom, Sweden and Ireland to clear its arrears to the African Development Bank.
The move comes as Sudan pushes to secure much-needed debt relief, access international financing and attract investment to rebuild its battered economy. The finance ministry signed. a deal for a bridge loan worth $425 million to clear the arrears to the African Development Bank, the ministry said in a statement, adding that the financing would be provided United Kingdom, Sweden and Ireland.