Arab Funds signs $300 million financing agreement with Sudan

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Arab Funds signs $300 million financing agreement with Sudan
Arab Funds signs $300 million financing agreement with Sudan (Provided by Financial World)

On Saturday, the 16th of March 2019, a spokesman for Arab Funds authorities said that Sudan had recently signed a $300 worth of loan deal with Arab Funds, as its crisis-struck government had been thriving to grapple with a lack of financing, amid an ongoing street protests for nearly three months.

Following the signing of financing agreement, the Sudanese Finance Ministry had issued a statement saying that they had agreed to a $230 million loan deal with the UAE-based Arab Monetary Fund in order to support the balance of payments, which had been experiencing a death-crossed financial outlook over the recent past.

According to another statement from the Sudanese President, the government had also reached an agreement over a separate loan deal worth of $70 million with the Arab Trade Financing program, including Abu Dhabi-based Arab Monetary Fund.

Since December 19th, an exacerbating economic crisis in Sudan had given rise to a frequent orchestration of protests across the country’s streets to put an end to Bashir’s three-decade long rule. According to multiple diplomats, the Sudanese government had been vying to raise new funds from abroad amid an escalating political tension and dwindling foreign investments, while the recent monetary injection into the country’s financial system would likely to delay its economy from collapsing.