The International Monetary Fund (IMF) Managing Director Kristalina Georgieva today announced that the International Monetary Fund has secured sufficient financing pledges to allow the Fund to provide comprehensive debt relief to Sudan. This will help to erase debts Sudan owed to the IMF, but also other lending institutions.

Ms. Georgieva welcomed this important breakthrough, noting: “Today’s financing milestone marks a historic opportunity for Sudan to move toward comprehensive debt relief from the IMF and the international community. The Fund will continue to support Sudan in its recovery from a long period of instability and economic hardship.”

Its new standing will make the country eligible for new IMF loans, but also developmental aid and assistance. It comes after France announced that it would forgive $5 billion of Sudan's debt at a conference meant to drum up international financial support for the African country in May.

Sudan's joint military-civilian government that has ruled the African country after a popular uprising has taken a series of bold steps to try to revive a battered and distorted economy where smuggling is rife. That's included floating its currency, starting to address heavy government subsidies, particularly on fuel, and seeking investment from international donors.

Sudan became an international pariah after it was placed on the United States' list of state sponsors of terror in the 1990s.

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