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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