Sudan to access $2BN in World Bank grants after settling debts

Sudan is still seeking relief from some $56bn in external debt owed to international financial institutions, official bilateral creditors and commercial creditors.

Sudan has settled its debts with the World Bank after nearly three decades, moving the heavily indebted African country closer to a much-needed international debt-relief package, the World Bank and United States Treasury Department said on Friday. World Bank President David Malpass said the move meant Sudan could now access nearly $2bn in grants from the Bank’s International Development Association (IDA). The Sudanese government said $635m would be immediately available for budget support and welfare spending. Clearing the arrears, which date back to the years of former autocrat Omar al-Bashir and earlier, was made possible through a $1.15bn bridge loan from the United States government.