Germany Pledges To Forgive Sudan's Massive Bilateral Debt

Germany Pledges to Forgive Sudan's Massive Bilateral Debt

BERLIN (UrduPoint News / Sputnik - 17th May, 2021) The German foreign minister said on Monday that Berlin stood ready to clear Sudan's 360 million euro ($437 million) debt to his country to help the African nation on the path toward recovery.

Heiko Maas spoke at the Sudan conference in Paris where Western countries are expected to officially launch Sudan's debt relief process.

"In order to implement political and economic reforms now the Sudanese government needs financial leeway. We are ready to wipe out Sudan's debt to Germany to the tune of 360 million Euros," he said.

Germany will also pay off up to $109 million in Sudan's arrears to the International Monetary Fund.

The North African nation took on hefty debt after its military deposed longtime ruler Omar Bashir in April 2019. It owes the IMF over $50 billion and is eligible for debt relief under the heavily indebted poor countries scheme.