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U.S., EU pledge to support Sudan’s debt relief

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December 14, 2020 (KHARTOUM) - The U.S. Treasury Department and the European Union have pledged to aid Sudan in clearing its national debt in 2021, after the rescission of State Sponsor of Terrorism designation.

IMF headquarters in Washington, D.C (AP)

On Monday, Sudan has been effectively out of the US terror list after more than 27 years. The event gave Sudanese more hope to overcome the difficult economic juncture they experience nowadays.

In separate statements, the U.S. Treasury Secretary Steven Mnuchin and the EU Spokesperson for Foreign Affairs lauded the efforts of the Sudanese transitional government to improve relations with the international community.

They further said ready to support Khartoum efforts to secure debt forgiveness under the Heavily Indebted Poor Countries (HIPC) initiative. Sudan cannot receive fresh funds from the international financial institutions until it clears up $60 billion in external debt.

"The United States Treasury looks forward to working with bipartisan members of Congress, and with Sudan to help clear its arrears at the International Financial Institutions and to advance Sudan’s efforts to secure debt relief in 2021,” said Mnuchin.

For its part, the EU spokesperson released a statement congratulating the people of Sudan for the delisting, adding it provides "a positive momentum for the country’s economic recovery and moves it closer to an eventual debt relief".

"The EU remains committed to supporting Sudan’s reform efforts as well as aspirations for debt relief," stressed the statement.

The debt relief process requires some time before to be effective. In some cases, it takes several years.

So, the international support of the main international actors would contribute to achieving this operation in a short time before to able to get development grants and borrow from the Internal Monetary Fund, the World Bank and the African Development Bank.

The economic crisis and inflation worsened due to the coronavirus pandemic and a series of floods that devastated the country this year.

(ST)

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Kind regards,

The Sudan Tribune editorial team.


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