Sudan moves closer to reducing $60 billion debt burden

Sudan is seeking to reduce foreign debts worth over $60 billion. (Shutterstock)

• A decision on Sudan’s eligibility for the debt reduction initiative is expected in June

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 is seeking to reduce foreign debts worth over $60 billion.