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IMF and World Bank Relief Debt of Sudan After Answers on Sudan As Inner City Press on Rule of Law

By Matthew Russell Lee, Patreon Video
BBC - Guardian UK - Honduras - ESPN

FEDERAL COURTHOUSE, June 29 – When the International Monetary Fund held its biweekly embargoed press briefing on May 20, Inner City Press asked about  about Sudan's status and Macky Sall calling the IMF's 33 billion in SDRs (out of $650 billion SRDs) a "drop in the bucket." Interim video here, IMF video and transcript forthcoming.  Spokesperson Gerry Rice responded on each.

Now on June 29 on Sudan, this: "Joint Statement on Sudan by David Malpass and Kristalina Georgieva on Behalf of the World Bank Group and the IMF  FOR IMMEDIATE RELEASE  Washington, DC – June 29, 2021: We are very pleased to announce a landmark achievement for Sudan, marking another important step in its reengagement with the international community. Today Sudan reached the HIPC Decision point, thus becoming the 38th country eligible to receive debt relief under the initiative, which was jointly launched by the World Bank and the IMF in 1996 to ensure no poor country faces a debt burden it cannot manage  This is by far the largest such HIPC operation--with a total debt relief of $23.3 billion in present value terms, which is over three times the next largest HIPC case, and represents about 36 percent of the total cumulative HIPC debt relief granted for the 37 countries previously benefitting from this initiative. This will be complemented by other debt relief initiatives anchored to the HIPC initiative that will bring total debt relief to more than $50 billion in net present value terms, representing over 90% of Sudan’s total external debt.

On May 20 Inner City Press asked, "Is the Sudan decision announced by President Macron done yet? What are the logistics? "Macron said that would be facilitated through a $1.5 billion bridge loan, which would be covered by member state pledges. When? It's said "China’s not on board yet"

  Rice said say that several steps remains, including lowering energy subsidies.

Back on January 8 Inner City Press asked the IMF's Helge Berger, Mission Chief, about China's so-called Belt and Road Initiative: "Your Article IV report cites China's "overseas lending projects" amid "rising geopolitical tensions and economic and trade frictions." How does the IMF think that rising debt levels among African countries, and increased skepticism about the "Belt and Road" will impact or be addressed going forward? -Matthew Russell Lee, Inner City Press. Video here.

(An aside: Inner City Press has reported on the CEFC China Energy Fund Committee's activities in Chad and Uganda and in the UN, on which the UN is UNresponsive.)

Other questions included China's digital currency (Inner City Press also reports on crypto-currency cases in the U.S. District Court for the Southern District of New York and elsewhere). Berger said when used overseas an issue is that residents could start using another country's currency, if it is easier.

We'll have more on this.


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