In a virtual celebration held on Friday, March 26 2021, officials of the World Bank and the Sudanese government celebrated the return of Sudan and its re-engagement with the International Financial Institution.
The celebration is to mark the normalization of Sudan’s relations with the World Bank Group after significantly reducing its debt with the help of a U.S. bridge loan, and Sudan’s profile has improved as the executive boards of the World Bank and International Monetary Fund (IMF) declared Sudan eligible for debt relief under the Enhanced Heavily Indebted Poor Countries (HIPC) Initiative.
In responding to the situation, the Sudanese Prime Minister, Abdalla Hamdok, appreciated and welcomed the beginning of the debt relief, praising the transitional government’s economic reforms.
Furthermore, he congratulated the Sudanese people, and the partners of the development for the achievement, noting that the feat signals the beginning of removing the weight of the external debt from the Sudanese people and returning Sudan to the global financial markets. He remarked that the debt on the country before had halted the growth and potential of a giant economy with the problems stemming from corruption, mismanagement, wars and suppression of the Sudanese people.
On his part, the Sudanese Finance Minister, Jibril Ibrahim, praised the U.S. for helping Sudan clear its unpaid debt, while thanking the World Bank for the unlimited support rendered to the transitional government, including the grant of $1.3 billion to help with debt relief.