Sudan’s foreign exchange reserves at $1.4 billion: official
July 22, 2015 (KHARTOUM) – An official at the Sudanese finance ministry disclosed that the country has $1.4 billion in foreign exchange reserves and revealed that Arab Gulf states have provided $2 billion in concessional loans recently.
Dirar declined to name the donors or detail when the funds were received except to say that they would be repaid in “coming years”.
Sudanese officials have previously said that they expect to see large cash inflows from Arab Gulf states following Khartoum’s decision to join Saudi-led military coalition against Houthi rebels in Yemen last March.
But the Saudi envoy in Khartoum dismissed these speculations saying they are only prepared to offer investments. Furthermore, a Gulf official told Reuters previously that they are holding back any financial assistance since they have yet to regain trust in Sudanese president Omer Hassan al-Bashir who maintained close ties with Iran over the years.
The value of the Sudanese currency has eroded dramatically following the secession of the oil-rich south and the central bank has been unable to defend it in the market because of low currency reserves.
The most recent International Monetary Fund (IMF) report shows projections of $2.1 billion in reserves for 2015 that covers approximately 2 months of imports.
Sudan generally withholds information on its Forex reserves but asserts that it covers three months of imports.
Critics constantly accuse government officials of making false statements on external cash injections or concealing information in order to quell the currency black market.
DIrar asserted that Sudan is targeting economic growth of 6.3% by the end of 2015 and inflation rate of below 18.3%.
The IMF projects growth rate of 3.4% in 2015 and 12% inflation rate for 2015.
(ST)