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Wednesday, October 27, 2021

France provides Sudan $1.5 bln bridge loan to pay off IMF debt

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The French government will lend Sudan $1.5 billion to help the African nation pay off its massive debt to the International Monetary Fund (IMF) as it emerges from decades of authoritarian rule, Finance Minister Bruno Le Maire said Monday.

“President Macron will confirm later today that France will provide the $1.5 billion bridge loan to clear Sudan’s arrears to the IMF,” Le Maire said at the opening of an international conference aimed at helping Sudan in its transition to democratic government.

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“Rebuilding an attractive and resilient market takes time but today I hope we will convince private investors that the fundamentals for business are fully there”, Le Maire added.

Sudan recently cleared arrears with the World Bank and the African Development Bank with bridge loans from Western states.

Sudan’s foreign debt is estimated to be at least $50 billion.

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