WASHINGTON (Pakistan Point News / Sputnik - 30th June, 2021) The International Monetary Fund (IMF) approved nearly $2.5 billion in financing to help Sudan implement reforms and promote higher growth, the fund said in a statement.
"The Executive board of the International Monetary Fund (IMF) approved a 39-month arrangement under the Extended Credit Facility (ECF) for Sudan in the amount of SDR1,733.051 million (about US$2,472.7 million or 275 percent of quota). The arrangement aims to support the authorities' implementation of their ambitious reform agenda and catalyze concessional donor financing," the fund said on Tuesday.
The IMF said the funding also aims to promote economic resilience and higher and more inclusive growth.
Sudan had completed the necessary hurdles to receive the financing from the Heavily Indebted Poor Countries (HIPC) Initiative, the release added.
