Sudan secures $300M loans from regional fund amid protests

Posted on Sunday, March 17th, 2019 By The Associated Press

CAIRO (AP) — Sudan says it has signed agreements for $300 million in loans from a regional monetary fund to help address a foreign currency crisis that has fueled months of anti-government protests.

The state-run SUNA news service reported late Saturday that the Finance Ministry secured a $230 million loan from the Abu Dhabi-based Arab Monetary Fund to support the balance of payments.

It says the ministry signed another deal worth $70 million with the Arab Trade Financing Program, which is also based in the Emirati capital.

Price hikes and food shortages triggered demonstrations in December that quickly morphed into protests calling on President Omar al-Bashir to resign. Al-Bashir, who seized power in a 1989 military coup, has vowed to remain in office while launching a crackdown on demonstrations.

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