China Cancels Millions of Dollars in Sudanese Debt in Surprise Move

The Sudanese Ministry of Finance and Economic Planning in Port Sudan has signed a financial protocol with the People’s Republic of China to cancel part of Sudan’s sovereign debt owed to Beijing.

Under the agreement, the Chinese government has officially approved the cancellation of four previously issued interest-free loans due for repayment by the Sudanese state.

The total value of the cancelled debt amounts to 344,520,000 Chinese yuan (Renminbi), equivalent to approximately US$50 million.

Sudan was represented at the signing ceremony by Finance Minister Gebreil Ibrahim, while China was represented by the Acting Chargé d’Affaires at the Chinese Embassy in Sudan, Xu Jian. Both sides confirmed that the protocol entered into force immediately upon signature.

The agreement assigns the Central Bank of Sudan and the China Development Bank to carry out the necessary technical and banking procedures to settle accounts and complete the formal cancellation of the debts in official records.