Sudan seeks foreign help to salve economy as protests rage
The country has experienced economic turmoil since South Sudan seceded in 2011
Sudan’s central bank governor said the country is seeking funding from unidentified nations to ease its economic crisis, as protests continue against President Omar Al Bashir’s three-decade rule.
Mohammad Khair Al Zubair mentioned possible foreign funding during a Tuesday press conference, outlining a three-month plan to boost revenue, bring in hard currency and print more banknotes. The African nation, which devalued its pound at least three times in 2018, is suffering from severe cash shortages and inflation of almost 70 per cent.
Widespread discontent with Sudan’s soaring living costs has fuelled a wave of protests. Al Zubeir didn’t identify who Sudan may tap for funds. The country has experienced economic turmoil since South Sudan seceded in 2011 and took with it about three-quarters of the united nation’s oil reserves.
Gulf Loans
Unidentified Gulf Arab nations extended about $2 billion (Dh7.3 billion) in concessional loans to Sudan in 2015, the Finance Ministry said at the time, while state media in the past two years has reported the central bank receiving deposits from the UAE.