While South Sudan achieved formal independence in early July, it was not until late July that a full agreement was reached that saw the new country assume no debt. All existing debts, including significant arrears to the IMF and World Bank, were left to Sudan alone (see Update 74). An IMF statement confirmed that “Sudan continues its membership in the International Monetary Fund (IMF) and retains all of its quota in the IMF, and all assets in, and liabilities to, the IMF.” This was welcomed by UK NGO Jubilee Debt Campaign: “It is great news that South Sudan is set to start life debt free. Too often in the past newly independent countries such as Bangladesh, Zimbabwe and South Africa have inherited unjust debts of past regimes.” It went on to argue that “the world’s newest country faces many challenges in tackling poverty and inequality. The international community should support it primarily through grants, not loans.”