KHARTOUM, 19 January 2021, (TON): The International Monetary Fund (IMF) is working exhaustively with Sudan to build the conditions for broad debt relief.

The move comes after Sudan’s designation as a state sponsor of terrorism was dropped after nearly 30 years.

IMF Managing Director, Kristalina Georgieva said that the organization will assess progress on a staff-monitored programme in March 2021.

In an online news conference, she told the media that she was encouraged by the staunch support from the United States, the United Kingdom and other member countries for facilitating debt relief to Sudan under the Heavily Indebted Poor Countries (HIPC) initiative and by the determination of the Sudanese authorities.

“We do hope as swiftly as possible to present to the membership a strong case on Sudan for HIPC so that country can reintegrate with the international community,” Georgieva said. “I expect that in March we will have more to tell you.”

IMF’s largest shareholder, the US passed legislation in the Congress in December 2020. This move led the endfing of Sudan’s designation as a state sponsor of terrorism which had weighed on the country’s economy and limited its ability to receive aid for almost 30 years.

Under the US legislation, Washington will be authorizing $111m to pay off part of Sudan’s bilateral debt, and $120m to help pay off its debt to the IMF while making another $700m available until September 2022, which will allow it to clear $1bn in arrears to the World Bank.