Sudan on Saturday announced that it has secured loans worth $300 million from regional Arab funds as the government struggles to deal with an internal political crisis.
The finance ministry said in a statement that it agreed to a $230 million loan with the Abu Dhabi-based Arab Monetary Fund.
This support will help Sudan’s balance of payments and significantly address its current economic challenges.
Another deal for a second loan worth $70 million was signed with the Arab Trade Financing Program, Reuters reports.
President Omar al-Bashir held talks with the Arab Monetary Fund Director General, Abdulrahman Al Hamidy in the capital, Khartoum.
The announcement of the deals was made shortly after this meeting.
Current political crisis with calls for President Omar al-Bashir to step down was sparked by an economic crisis.
Economic crisis sparked Sudan protests
The protests were triggered after bread prices increased from one Sudanese pound ($0.02) to three Sudanese pounds ($0.063).
Bread prices in Sudan are said to be astronomically higher as a result of the country’s economic challenges.
The prices of bread have more than tripled since the start of last year. It was caused by the government decision to stop importing wheat from overseas.
Sudan’s President al-Bashir will be hoping the current deals could help stop the ongoing protests against his regime.
He came to power in 1989 through a military coup that ousted a democratically elected government.
Source: Africafeeds.com
