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Saudi Arabia transfers $250m to Central Bank of Sudan

May 19, 2019 at 11:42 pm

Sudan’s Central Bank deputy governor Badreddine Mahmud (L) and an unidentified man hold a document showing specimen of Sudan’s new currency during a press conference in Khartoum on 16 July 2011. [AFP PHOTO/ASHRAF SHAZLY/ Getty]

Saudi Arabia has transferred 937.5 million Saudi riyals (US$ 250 million) to the Central Bank of Sudan, according to the official Saudi Press Agency (SPA).

This came move begins the implementation of a $3billion aid package from the Kingdom, and the UAE, to support stability in Sudan, announced 21 April.

On 28 April, the UAE announced an agreement to support financial stability in Sudan worth $250 million.

Saudi Finance Minister, Mohammed Al-Jadaan, stated that the money would “enhance the financial and economic situation in Sudan, especially the exchange rate of the Sudanese pound.”

Read: Sudan opposition decries army’s suspension of talks, sees growing anger

The $ 3-billion financial aid included $ 500 million provided by the two countries as a deposit to the Central Bank of Sudan. The remained is intended to supply Sudan with much-needed food, medicine and energy.

Since 2018, a series of currency exchange crises have rocked confidence in Sudan’s finances.

Following widespread protests, on 11 April, the Sudanese army ousted president Omar Al-Bashir after three decades in power,

The army has formed a transitional military council and set a two-year term, amid attempts to reach an understanding with opposition groups.