Home | News    Saturday 3 May 2014

Sudan seeking to resolve banking obstacles to exporting livestock to Saudi Arabia

separation
increase
decrease
separation
separation

May 2, 2014 (KHARTOUM) - The National Agency for Financing and Export insurance said it expects to reach decisive solutions that are critical to the country’s exports of live cattle to the Kingdom of Saudi Arabia during the current month of May.

JPEG - 31.1 kb
A cattleman walks with cows before they are slaughtered at an abattoir near Khartoum on 26 March 2011 (Photo: Reuters/Mohamed Nureldin Abdallah)

The deputy head of the agency Al-Hadi Ahmed Abdella told state media that these restrictions are imposed by the banks on wire transfers or demanding pre-payment or through a letter of guarantee for the value of the exports.

Abdellah called for accelerating these solutions close to the start of the export season to meet the needs of the holy month of Ramadan and the upcoming pilgrimage season.

He noted that Sudan contributes 50% of the needs of Saudi Arabian market which is estimated at 4 million heads annually.

"Due to the cessation of livestock exports to Saudi Arabia from Syria because of recent events, Sudan will be depended on to meet the needs of the Kingdom in this field," Abdella said.

The business community in Sudan has grown concerned that Saudi Arabia is starting a de facto economic embargo of the country following a revelation last March that a number of Saudi and European banks took a decision to stop dealing with Sudanese banks.

Sudanese officials attributed the move to pressure by the United States which has economic sanctions imposed on the East African nation since 1997.

There was no comment from Saudi Arabian Monetary Agency (SAMA) and it is not clear if the latter issued the directive or if it was decision by individual banks.

A Western diplomat told Agence France Presse (AFP) at the time that the move by the European banks appears to reflect an increasingly cautious attitude by financial institutions which do not want to risk being found in violation of US sanctions.

For Saudi Arabia, strained political relations over Sudan’s links to Iran could be a factor in the banks’ decision, the Western diplomat said.

(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.

Comment on this article



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


Sudan Tribune

Promote your Page too

Latest Comments & Analysis


Egypt’s Strategic Water Security: The myth and the truth 2017-03-24 08:19:56 By Ermias Hailu Following to the end of the second world war Egypt’s failure to integrate Eritrea to its territories, due to Emperor Haile Selassie’s superior diplomatic skills, the then Pan- Arab (...)

South Sudan famine is a wake-up call to revive dead peace deal 2017-03-20 15:57:01 By Brian Adeba News that a famine has been declared in South Sudan is yet another stark reminder of the ever evolving nature of war-induced fragility in Africa’s newest country. As the world (...)

Africa’s next level of economic transformation 2017-03-20 05:57:00 By Jim Yong Kim The G20 finance ministers met last week in Germany to discuss critical challenges facing the global economy, from climate change to migration to humanitarian emergencies like the (...)


MORE






Latest Press Releases


Statement by South Sudanese Communist Party on the National Dialoguel 2017-03-22 05:44:42 The Communist Party of South Sudan On the Initiative of the National Dialogue The initiative taken by the President of the Republic of South Sudan declaring a need for a national dialogue is an (...)

An Appeal to President of the Republic of South Sudan 2017-03-15 07:22:45 Dear. Mr. President, I write to appeal to you for the release of political detainees now in the custody of the National Security Service at Jebel and other detention facilities. In doing this, I (...)

Militias of Bashir’s Regime and the Proxy War (1) 2017-02-08 21:49:09 Sudan Democracy First Group Militias of Bashir’s Regime and the Proxy War (1) War in the Blue Nile: Militias in the hunt of refugees and displaced population Introduction Throughout its rule, (...)


MORE

Copyright © 2003-2017 SudanTribune - All rights reserved.