Arab fund offers $305 million loan to Sudan.
Sudan said Thursday it would obtain a $305 million loan from a Arab fund to help tackle the country’s worsening economic crisis caused by soaring food prices and foreign currency shortage.
The economic issues of sudan had contributed to protests which led to the ouster of longtime ruler Omar al-Bashir in April.
On Thursday a delegation from the Arab Monetary Fund and Sudanese Finance Minister Ibrahim Al-Badawi met with.
“During the meeting, the delegation said that the finance plans to support the Sudanese economy with an estimated capital of $305 million, like trade and loans centers,” the finance ministry said in a statement later.
Sudan will get $110 million this month, followed by $45 million from next year’s first quarter and a tranche of $80 million by the end of 2020.
A separate trade centre of $70 million will be provided as part of the general package.
The loan will be the second such centre to Sudan by the Abu Dhabi-based creditor, which formerly pumped $300 million in May.
Badawi told AFP the Sudan needed $ 3 billion to cover immediate requirements and stabilise its budget month.
Sudan has been getting with help from long-time allies the United Arab Emirates and Saudi Arabia.
Protests were triggered by growing anger over the nation’s financial crisis from Bashir’s rule a year in December.
They swiftly become a national movement which saw the veteran president ousted by the military on April 11.
Sudan is ruled by a combined civilian-military sovereign council which is currently overseeing the transition of the country to a rule, as required by protesters.
The affairs of the nation are handled by a transitional cabinet headed by notable economist Prime Minister Abdalla Hamdok.
Sudan crisis deepened because the secession of South Sudan in 2011 which took away the majority of oil earnings.