Home | News    Wednesday 11 April 2012

Qatar to complete purchase of Sudan government bonds by end of April

separation
increase
decrease
separation
separation

April 10, 2012 (KHARTOUM) – The Qatari government informed Sudan that it will complete its promised purchase of government issued bonds as part of the deal struck by the leaders of the two countries last month.

The state minister at the ministry of finance and national economy, Abdel-Rahman Dirar, was quoted by Sudan’s official news agency (SUNA) as saying that Qatar National bank (QNB) submitted all necessary documents to complete the process.

Dirar made the remarks following a meeting he had with QNB director and his delegation in Khartoum on Tuesday. He went on to say that this will help stop deterioration of the Sudanese Pound, improve balance of trade, lower inflation rate and enhance the investment environment.

The report did not mention how much in Sudanese treasury bills Qatar said it will buy except to say that it is "significant". In March, the rich Arab Gulf state pledged a total of $2 billion investments in Sudan including "the purchase of government bonds issued by the Sudanese government and investments in different sectors particularly mining, oil, agriculture and services".

FINANCIAL FATWA

In a related issue the Sudanese finance minister Ali Mahmood Abdel-Rasool urged Islamic scholars in his country to issue a ’Fatwa’ (religious decree) allowing the country to borrow using loans with interest.

He said that they will not resort to this option without exhausting all other financing means including domestic borrowing or from Islamic banks in the region.

According to a 2011 report by the International Monetary Fund (IMF), oil revenue constituted more than half of the Sudan’s revenue and 90% of its exports.

But with the partition of the country into north and south, the latter took with it 75% of the oil reserves putting Khartoum in a tight spot economically particularly in terms of income and hard currency used to import basic food items.

Lacking other immediate ways to finance its deficit, economists say the government may resort to printing money, causing more inflation and further weakening the Sudanese Pound.

Roughly $38 billion in foreign debt, along with US economic sanctions, limits Sudan’s access to external financing.

(ST)

Comments on the Sudan Tribune website must abide by the following rules. Contravention of these rules will lead to the user losing their Sudan Tribune account with immediate effect.

- No inciting violence
- No inappropriate or offensive language
- No racism, tribalism or sectarianism
- No inappropriate or derogatory remarks
- No deviation from the topic of the article
- No advertising, spamming or links
- No incomprehensible comments

Due to the unprecedented amount of racist and offensive language on the site, Sudan Tribune tries to vet all comments on the site.

There is now also a limit of 400 words per comment. If you want to express yourself in more detail than this allows, please e-mail your comment as an article to comment@sudantribune.com

Kind regards,

The Sudan Tribune editorial team.
  • 11 April 2012 15:21, by Robot

    What will they fix?, their crumbling economy, SK & BN, Darfur, South Sudan?....

    • 12 April 2012 05:12, by Corrector

      Its money for war silly. Big wars that kill many people costs money, and sudan has just enough to cause a lot of damage.



The following ads are provided by Google. SudanTribune has no authority on it.



Sudan Tribune

Promote your Page too

Latest Comments & Analysis


BlindsSelf-confidence and preparedness against Disasters in Sudan 2020-09-21 11:46:04 Why things are only getting worse and the papers are filled with stories of gloom and doom in Sudan? By Mahmoud A. Suleiman The answer to the previous questions needs to know the reasons first, (...)

South Sudan: On Right of Access to Information and Media 2020-09-19 15:01:51 By Roger Alfred Yoron Modi South Sudan’s Right of Access to Information Act, 2013, in Section 35, enshrines the following: 1- The Minister (Minister responsible for Information and Broadcasting) (...)

Is the Juba Peace Agreement a Turning Point for Sudan? 2020-09-15 18:48:43 By Dame Rosalind Marsden Sudan is looking towards a brighter future after the initialling of the Juba peace agreement on August 31, an important first step towards bringing peace to the conflict (...)


MORE






Latest Press Releases


Sudan: Performing arts is not a crime, assaulting women and artists is! 2020-09-20 08:54:28 The Strategic Initiative for Women in the Horn of Africa (SIHA) Sudan is still struggling with militant Islamist ideology KHARTOUM: Central Khartoum Primary Court issued a verdict against five (...)

Civil Society Statement in Response to The Law of Various Amendments 2020-08-14 07:11:00 A Collaborative Civil Society Statement in Response to The Law of Various Amendments (Abolishing and Amending Provisions Restricting Freedom) – Exposing ‘a wolf in sheep’s clothing’ Sudanese women (...)

Remarks by SRF leaders at the Friend of Sudan meeting on peace 2020-08-13 07:58:58 Chairman of the Friends of Sudan Conference, Your Excellency, Minister of Foreign Affairs of the Kingdom of Saudi Arabia, The Prime Minister of Sudan and the participating team from the (...)


MORE

Copyright © 2003-2020 SudanTribune - All rights reserved.