Following a pledge of $1.42bn from more than 100 IMF member countries, the IMF has cleared Sudan’s arrears to the Washington-based fund. This will “allow for the provision of new Fund financing, and facilitate the delivery of the HIPC Initiative and other debt-relief to Sudan,” IMF Managing Director Kristalina Georgieva says.

The Heavily Indebted Poor Countries (HIPC) initiative was launched in 1996 by the IMF and World bank “with the aim of ensuring that no poor country faces a debt burden it cannot manage.” (CONTINUED - 232 WORDS)