Khartou m — The International Monetary Fund said on Friday it had reached a staff-level agreement with Sudan on completion of the second and final review under its staff-monitored programme, in a step towards debt relief.

A strong performance under the year-long IMF economic reform programme is a requirement for Sudan to reach the "decision point" for debt relief under the Highly Indebted Poor Countries (HIPC) process. Sudan is expected to reach that point in June.

"Despite very challenging conditions which are exacerbated by the Covid-19 pandemic, the Sudanese authorities continue to make sustained progress on their ambitious reform agenda," said Carol Baker, head of the IMF mission.

The staff-level agreement is still subject to approval by IMF management.

Sudanese Finance minister Jibril Ibrahim said clearing the second review paved the way for Sudan to be approved for HIPC debt relief "which will hopefully result in a substantial debt relief ... as well as new credit lines".

Sudan is seeking to clear at least $50 billion in debt, mostly with bilateral creditors. Later this month, France is hosting a conference to promote investment and debt relief for Sudan.

—Reuters