Sudan signs $300 million deals with Arab funds

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In a bid to cope with an economic crisis and nearly three months of street protests, the Sudanese government said the country has signed deals for loans worth $300 million with regional Arab funds.

A statement released by the finance ministry said it agreed to a $230 million loan with the Abu Dhabi-based Arab Monetary Fund to support the balance of payments.

Sudan’s presidency also released a statement revealing that a deal for a second loan worth $70 million was signed with the Arab Trade Financing Program, whose shareholders include the Arab Monetary Fund and which is also based in Abu Dhabi.

The deals were signed as President Omar al-Bashir and other officials including the central bank governor met Arab Monetary Fund Director General Abdulrahman Al Hamidy in the capital, Khartoum.

Since December 19, 2018, a worsening economic crisis in Sudan triggered frequent demonstrations across the country, in which protesters have called for an end to Bashir’s three-decade rule.

According to official figures, the government has expanded the money supply, pushing inflation to more than 70 percent before the end of last year before it slowed to under 50 percent in January and February. Diplomats say the government has struggled to raise new funds from abroad as it tries to keep the economy afloat.

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