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Arab Monetary Fund agrees to $300 million loans for Sudan

March 16, 2019 (KHARTOUM) - Sudan finance ministry and the Arab Monetary Fund (AMF) Saturday signed agreements for two loans worth $300 million.

According to the finance ministry, the first loan of $230 million aims to support the balance of payments, while the second is a $70 million credit facility to help the country trade with other Arab states.

The agreement was signed by the Minister of State at the Ministry of Finance Mustafa Hawalli, and Abdulrahman bin Abdullah Al Hamidy, AMF Director General and Chairman of the Board.

The government of President Omer al-Bashir has been hit by political instability after the eruption of protests across the country in December 2018 as a result of shortage of foreign currency after the secession of South Sudan in 2010.

President Omer al-Bashir and al Hamidy who is the former head of the Saudi central bank discussed the economic situation in Sudan and its needs.

Also, the Sudanese leader President praised the support provided by the Arab Monetary Fund for development projects and economic reforms in Sudan.

During the period from 1979 to 2018, the AMF provided 12 loans to Sudan totalling $553 million.

The AMF was founded 1976 by the Arab League to correct and balance the payment of its member states, facilitate and promote trade between member states, remove payment restrictions between members.