THE U.S. Treasury said on Tuesday it welcomed Sudan's clearance of about $1.4 billion in arrears to the International Monetary Fund, paving the way for the first phase of debt relief under the Heavily Indebted Poor Countries initiative. Treasury said in a statement that it committed to contribute up to $120 million in grant resources to fund IMF debt relief for Sudan in the first phase under HIPC. The Treasury provided bridge financing of about $1.15 billion in March to help Sudan clear its arrears at the World Bank. U.S. Treasury Secretary Janet Yellen said that Sudanese authorities were committed…