Chinese Government reschedules the Government of Sudan’s outstanding debt obligations in 2012
Not recommended for aggregates
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Umbrella project
This project is classified as an "umbrella" project, and is connected to related projects.
Summary
Funding agency [Type]
Unspecified Chinese Government Institution [Government Agency]
Recipient
Sudan
Sector
Action relating to debt (Code: 600)
Flow type
Debt rescheduling
Concessional
Vague
Category
Project lifecycle
Description
On February 18, 2012, the Chinese Government announced that it had agreed to reschedule the outstanding debt obligations of the Government of Sudan by extending loan repayment periods by 5 years. It is not clear whether all Chinese Government loan maturities were extended by 5 years, or just a specific subset of Chinese Government loans.At the time that this debt rescheduling agreement was finalized, Sudan had experienced a major slide in its currency after losing three quarters of its oil production due to the 2011 secession of South Sudan. The currency slide, in turn, fueled inflation and protests. Oil revenues provided the main source of foreign currency used by the Government of Sudan to repay foreign currency-denominated loans.
Number of official sources
0
Number of unofficial sources
7
Details
Cofinanced
No
Receiving agencies [Type]
Government of Sudan [Government Agency]
Loan type
No Information
Gurarantee provided
No
Insurance provided
No