US Treasury provides $1.15B financing for Sudan

By Ovunc Kutlu

ANKARA (AA) - The US Treasury Department announced Friday it provided bridge financing of around $1.15 billion to help Sudan clear its arrears at the World Bank.

The department said in a statement the US praises Sudan’s Civilian-Led Transitional Government (CLTG) for moving forward with reforms that will restore economic stability, secure debt relief, and improve economic prospects for citizens.

The move will normalize Sudan’s relationship with the international community and help it to achieve sustainable, long-term economic growth, it added.

“It’s an action that will move Sudan one step closer to securing much needed-debt relief and help the nation reintegrate into the international financial community,” Treasury Secretary Janet Yellen said in the statement.

The US and Sudan signed a memorandum of understanding in January to clear $1 billion of Sudan’s arrears to the World Bank.