Foreign,Commonwealth and Development Office
UK helps to clear Sudan’s debt and support its economic recovery
- Also published by:
- HM Treasury
The UK welcomes news that Sudan’s $1.4 billion arrears to the International Monetary Fund (IMF) has been cleared.
This week (Tuesday 29), with UK support, Sudan’s $1.4 billion in arrears owed to the International Monetary Fund (IMF) has been cleared, allowing it to access new financing to boost its economic recovery.
Sudan’s clearing of its arrears was supported with £36 million from UK reserves at the IMF.
An additional £148 million one-day loan from the UK, announced by the UK Foreign Secretary Dominic Raab in May, has previously helped Sudan clear its arrears at the African Development Bank.
This major milestone in Sudan’s economic development means the new government can now access billions of dollars of fresh funding from multilateral organisations, to spend on healthcare and education, improving the lives of its people and helping the transition towards democracy.
UK Minister for Africa, James Duddridge said:
This is a huge step forward for Sudan. I congratulate Sudanese Prime Minister Abdalla Hamdok and his government for this major achievement.
The UK is committed to supporting Sudan as it continues to pay off its crippling debts, making the country more attractive to investors, and its people healthier and more prosperous.
The UK used its G7 Presidency to agree an ambitious financing package to enable the clearance of Sudan’s IMF arrears with G7 Finance Ministers and other international partners at the IMF Board in June.
Chancellor of the Exchequer Rishi Sunak said:
I congratulate the Sudanese government on reaching this important milestone.
The UK’s G7 Presidency has galvanised the international community to back this ambitious package, which will unlock vital finance to address Sudan’s urgent development, stabilisation and humanitarian needs.
The Foreign Secretary visited Sudan in January this year to reinforce the UK’s support for the Government of Sudan as it moves towards democracy.
As of today, $2.9bn of Sudan’s arrears to the World Bank, African Development Bank and IMF have been cleared in total, removing the main barrier to accessing new funds from these multilateral institutions.
This puts the country in a strong position to work towards clearing its bilateral debt with other nations, ultimately making its repayment of debt more sustainable.
Latest News from
Foreign,Commonwealth and Development Office
UK funding protects 88 million people from the impacts of climate change24/09/2021 11:10:00
Between 2011 and 2021, UK aid has supported 88 million people to cope with climate change, as well as improving 41 million people’s access to clean energy, according to new results published yesterday.
UK Space Agency: Committee on the Peaceful Uses of Outer Space 64th session: UK statement on space and climate change02/09/2021 14:05:00
Delivered by Lauren Newell, UK Space Agency International Policy Lead, at the United Nations in Vienna, 2 September 2021.
Committee on the Peaceful Uses of Outer Space 64th session: UK statement on space and sustainable development31/08/2021 12:25:00
Statement delivered yesterday (30 August 2021) by Lauren Newell, UK Space Agency International Policy Lead, at the United Nations in Vienna.
UK Space Agency: Committee on the Peaceful Uses of Outer Space (COPUOS) 64th session: UK statement27/08/2021 14:10:00
Statement delivered recently (25 August 2021) by Corinne Kitsell OBE, Ambassador and UK Permanent Representative to IAEA and CTBTO, at the United Nations in Vienna, 25 August 2021.
UK Prime Minister Boris Johnson announces new Trade Envoy to Ghana26/08/2021 10:25:00
Prime Minister Boris Johnson appoints Baroness Kate Hoey as new Trade Envoy to Ghana to strengthen UK-Ghana trade and drive the mutually prosperous partnership.
UK to support Haiti earthquake response with humanitarian assistance and Royal Navy ship20/08/2021 10:15:00
The UK Government announces new support to Haiti, as the country recovers from the recent devastating earthquake.
UK steps up support to help British nationals leave Afghanistan13/08/2021 11:27:00
Additional UK military personnel will deploy to Afghanistan on a short-term basis to provide support to British nationals leaving the country, the Defence Secretary has announced.
UK becomes Dialogue Partner of the Association of Southeast Asian Nations06/08/2021 12:12:00
The UK has agreed a new partnership with the Association of Southeast Asian Nations (ASEAN).