January 16, 2014 (KHARTOUM) – The minister of finance Badr al-Deen Mahmood announced today that the Arab Monetary Fund (AMF) granted his country a $380 million for structural correction of Sudan’s balance of payments.
- Director of the Arab Monetary Fund Jassim al-Mannai
Mahmoud said in press statements on Thursday after a meeting with AMF director Jassim al-Mannai that the loan would lead to a balance in the external sector which will contribute to support the factors of production and basic commodities.
The Sudanese official hailed the AMF efforts and its contribution to the promotion of investments in Sudan adding that a meeting will soon convene with a group of Arab funds to persuade them to invest in the country.
Al-Mannai for his part said that the AMF is boosting its financing of trade with banks and the private sector. He noted that the AMF was able to provide 13 loans to Sudan in the amount of $540 million in addition to $60 million for trade and exports.
The AMF director also mentioned technical assistance and capacity building provided for 380 Sudanese professionals. He emphasized that Sudan has huge potential to achieve the initiative of Arab food security which he said should prompt Arab countries to direct their surpluses to invest in Sudan.
In a separate issue the finance minister dismissed the decline in the currency’s exchange rate in the black market stressing that the country has sufficient Forex reserves and accused speculators of driving the fluctuations in the price of the US dollar relative to the pound.
The minister added that the expected flow of investments and export diversification plans will strengthen the country’s Forex position.
Yesterday traders in the black market said that 1 US dollar was selling for 8.20 pounds compared 8.00 in the beginning of the week. They also projected further drop in light of low Forex supplies as well as growing fears over fighting in neighboring South Sudan and its potential for disrupting oil flow.