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Tuesday, 24 November 2020

Saudi Arabia deposits $250 million into central bank of Sudan

Reuters , Tuesday 30 Jul 2019
Sudan
Headquarters of Sudan's central bank. (Reuters)
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Saudi Arabia has deposited $250 million into the central bank of Sudan to support its financial position, the Saudi Finance Ministry said in a statement on Tuesday.

The financial grant is part of a package with the United Arab Emirates worth $500 million announced in April. Both countries pledged an overall $3 billion in aid, with the rest going towards fuel, wheat and medicine.

The grant is aimed at alleviating pressure on the Sudanese pound and achieve stability in its exchange rate, the ministry said.

In April, President Omar Al-Bashir was ousted after mass protests.

However, Sudan's economy is still haunted by Bashir's legacy -- the penalties imposed for his support of militant groups and for the offensive he launched to crush rebels in the western region of Darfur.

Because Sudan is still listed by the United States as a state sponsor of terrorism and has $1.3 billion of IMF arrears, it is unable to tap the IMF and World Bank for support. Sudanese banks have struggled to re-establish correspondent relationships with foreign banks.

*This story was edited by Ahram Online. 

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