Sudan will sell its Special Drawing Rights at IMF, says finance minister

October 23, 2022 (KHARTOUM) –Finance Minister Gibril Ibrahim announced that his government plans to sell Sudan’s Special Drawing Rights (SDR) to the International Monetary Fund (IMF) as the country has no sufficient resources to fund its programmes.

Sudan has the equivalent of one billion dollars of SDR, which is part of a loan of 2.4 billion dollars approved by the IMF on June 29, 2021. the remaining 1.4 billion dollars served to pay off its debts to the Fund.

The loan was agreed upon within the framework of international efforts to support the civilian government to become eligible to benefit from the Heavily indebted poor countries (HIPC) initiative after 30 years of international isolation.

After his return to Khartoum, Ibrahim spoke to the official Sudan TV on Saturday about his participation in the annual meetings of the Boards of Governors of the International Monetary Fund, the World Bank Group, central bank governors, and finance ministers, which were held in Washington, DC, from October 10 to 16.

He said he discussed with the financial institutions ways to provide his ministry with the necessary resources to finance the agricultural sector and vital sectors in the country.

According to the minister, IMF staff would resume technical assistance to Sudan and a delegation would arrive in the country soon. Also, he said he received pledges to renew the period granted by the International Monetary Fund to reach the completion point of Sudan’s debt…