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Middle East and Central Asia > Sudan

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Cover Policy Papers
2023 Review of Resource Adequacy of the Poverty Reduction and Growth Trust, Resilience and Sustainability Trust, and Debt Relief Trusts
International Monetary Fund. Legal Dept., International Monetary Fund. Finance Dept., and International Monetary Fund. Strategy, Policy, & Review Department
This paper provides an integrated perspective across the Trusts of the Fund. It is the first annual review that combines discussion of the adequacy of the resources of the Fund’s Poverty Reduction and Growth Trust (PRGT) and debt relief trusts, including the Catastrophe Containment and Relief Trust (CCRT), with that of the Resilience and Sustainability Trust (RST). The review of the PRGT assesses recent developments for lending demand, fundraising, and interest rates and compares them to the baseline projections underpinning the July 2021 reforms. A multi-pronged strategy is proposed to address identified strains on PRGT finances while minimizing negative effects for PRGT borrowers and preserving the confidence of PRGT lenders. On the recently established RST, this paper reports its fundraising progress; discusses demand developments and outlook for RST financing; assesses adequacy of loan resources and reserves; and examines, in view of increases in the SDR interest rate, the implications of adopting an interest rate cap at 2¼ percent for the lowest income group eligible for RST borrowing.
Keywords:
Poverty Reduction and Growth Trust (PRGT); Resilience and Sustainability Trust (RST); Catastrophe Containment and Relief Trust (CCRT); Heavily Indebted Poor Countries (HIPC); Resource Adequacy; Concessional financing; Funding; loan resource; resource side; reserve account; subsidy gap; lending commitment capacity; Loans; SDR interest rate; Interest rate ceilings; Credit; Liquidity requirements; Global
Cover IMF Working Papers
Are We Heading for Another Debt Crisis in Low-Income Countries? Debt Vulnerabilities: Today vs the pre-HIPC Era
Chuku Chuku, Prateek Samal, Joyce Saito, Ms. Dalia S Hakura, Mr. Marcos d Chamon, Mr. Martin D. Cerisola, Guillaume Chabert, and Mr. Jeromin Zettelmeyer
There are growing concerns that 25 years after the launch of the HIPC debt relief initiative, many low-income countries are again facing high debt vulnerabilities. This paper compares debt vulnerabilities in LICs today versus those on the eve of the HIPC Initiative and examines challenges to a similarly designed debt-relief framework. While solvency and liquidity indicators in most LICs have steadily worsened in recent years, they remain substantially better on average than they were on the eve of HIPC in the mid-1990s. This said, if current trends persist, debt vulnerabilities in LICs could (but would not necessarily) reach levels comparable to the pre-HIPC era over the medium- to long-term. Today’s more complex creditor landscape makes coordination challenging. It is therefore essential for countries to reduce today’s debt burdens promptly through economic reform, lowering the cost of financing, and debt restructuring on a case-by-case basis. The international community should also step up efforts to improve debt restructuring processes, including the G20 Common Framework, to ensure that debt relief is delivered in a timely and efficient manner where it is needed.
Keywords:
Debt Vulnerabilities; Creditor Coordination; Debt Relief; Low-Income Countries; Debt Sustainability Analysis; HIPC; Debt Overhang; HIPC debt burden indicator; HIPC debt relief initiative; financing landscape; LICS financing Needs; debt vulnerability; MDRI debt relief; Debt burden; Debt sustainability; Debt service; Global
Cover IMF Staff Country Reports
Republic of South Sudan: Third Review Under the Staff-Monitored Program, Request for Disbursement Under the Rapid Credit Facility, and Program Monitoring with Board Involvement-Press Release; and Staff Report
International Monetary Fund. African Dept.
Dire and deteriorating humanitarian situation. About two-thirds of South Sudan’s population is experiencing severe food insecurity, the highest level since independence. This is a result of multiple compounding factors, including severe multi-year floods due to climate shocks, inter-communal violence in parts of the country, and the impact of Russia’s war in Ukraine that is contributing to high global food and fuel prices.
Keywords:
government operation; South Sudanese authorities; FSW disbursement; IMF team; authorities' effort; reform gain; customs administration reform; Oil; Government debt management; Debt sustainability analysis; Monetary base; Global; Southern Africa; East Africa