Sudan to participate in IMF meetings in Washington
April 13, 2016 (KHARTOUM) – Sudan’s finance minister Badr al-Din Mahmoud would travel to Washington to participate in the Spring meetings of the International Monetary Fund (IMF) and the World Bank between 15 to 17 April.
Mahmoud, who would lead his country’s delegation to the meetings, is expected to discuss with creditor nations and financial institutions ways to cancel Sudan’s foreign debt under the Heavily Indebted Poor Countries (HIPC) Initiative on the sidelines of the meetings.
According to latest IMF reports, Sudan’s external debt stood at approximately $45 billion in 2013 from $39.5 billion in 2010.
Around three quarters of Sudan’s debt is owed to the Paris Club of creditor nations and other non-member states. The remaining balance is equally divided between commercial banks as well as international and regional financial bodies.
Khartoum says it has completed technical and economic requirements for debt cancellation but observers assert that it is difficult for Sudan to secure it without Western backing.
In his capacity as the chairman of the council of Arab finance ministers, the Sudanese minister would meet with the managing director of the IMF Christine Lagarde.
According to the official news agency SUNA, Mahmoud would also meet Lagarde within the first group of African governors at the IMF.
He would also meet the US assistant secretary of treasury as well as the managing director of the World Bank.
The Washington meeting of the world’s two financial institutions will review the economic situations in some of the fragile countries.