Sudan HIPC Debt Relief
Sudan Qualifies for Debt Relief
Washington DC – Earlier today, the IMF announced that Sudan qualifies for debt relief under a process created in the early 2000s. The Heavily Indebted Poor Countries (HIPC) initiative, a debt relief process created in the early 2000s, will wipe out 85% of Sudan's debt, reducing debt from $50 billion to $8 billion.
"Sudan needs debt relief as the country emerges from 17 years of conflict and almost half of Sudan's people live in poverty,” said Eric LeCompte, the Executive Director of the religious development group Jubilee USA Network, which campaigned for the HIPC process more than 20 years ago. “Debt relief for Sudan means reducing child poverty and growing the country's economy."
In March, the United States loaned $1.1 billion to clear Sudan’s debt payment arrears to the World Bank and convened creditors to secure debt relief. A process also moved forward to cut Sudan's IMF debt in arrears.
“As Sudan struggles with the health and economic impacts of the coronavirus, debt relief is a critical resource for recovery," shared LeCompte.
Sudan is the 38th country to benefit, out of 39 countries eligible for the HIPC initiative. Eritrea is the remaining country.
Jubilee USA Network is an alliance of more than 75 US organizations and 750 faith communities working with 50 Jubilee global partners. Jubilee USA builds an economy that serves, protects and promotes the participation of the most vulnerable. Jubilee USA wins critical global financial reforms and won more than $130 billion in debt relief to benefit the world's poorest people. www.jubileeusa.org
Available for interview: Eric LeCompte, Executive Director
Contact: Olivia Engling, Communications and Operations Manager
[email protected] / (202) 709-7696