SUDAN NEWS ALERT: Multiple sources – US Treasury agrees to liquidate Sudan’s arrears to the World Bank

7/1/2021: Multiple sources – US Treasury agrees to liquidate Sudan’s arrears to the World Bank

• Radio Dabanga

• Sudan Tribune

 Sudanese Finance Minister Hiba Mohammed Ali has signed a Memorandum of Understanding with US Treasury Secretary Stephen Mnuchin to liquidate Sudan’s arrears to the World Bank and enable Sudan to obtain more than $1 billion.

 The agreement will provide an emergency loan and financing facilities worth about $ 1.2 billion to settle Sudan’s arrears to the World Bank, which will enable Sudan to start the path of debt relief and benefit from the Heavily Indebted Poor Countries Initiative (HIPC).

 Ali said the agreement will pave the way for funding by the International Development Association (IDA) to finance major infrastructure projects and other development projects throughout Sudan.