Home | News    Friday 27 August 2021

Sudan gets over $857m from IMF

separation
increase
decrease
separation
separation

August 26, 2021 (KHARTOUM) - Sudan received over $857 million from the International Monetary Fund (IMF) as part of a global effort to support vulnerable countries to cope with the negative impact of COVID 19 on their economy.

The Central Bank of Sudan premises (File photo)Earlier this week, the IFM announced that about $650 billion have been allocated to its members to address the need for reserves, build confidence, and foster the resilience and stability of the global economy.

The allocation, which has been made to 190 IMF members participating in the Special Drawing Rights (SDRs) Department, is decided in proportion to their existing quotas in the Fund.

"The IMF has allocated 604 million SDRs equivalent to $ 857.68 million, for Sudan. It is available without restrictions to address the current economic situation in Sudan," reads a statement issued by the Central Bank of Sudan.

This allocation will significantly strengthen the Central Bank’s foreign exchange reserves. Also, it will enable the Bank to continue implementing the managed flexible exchange rate policy to stabilize exchange rates and achieve macroeconomic stability, said the central bank

The transitional government has been exerting huge efforts to deal with the economic crisis the country is experiencing and control the hard currency market.

On 21 February, the Central bank devaluated the pound and decided to feed commercial banks with hard currency to fight black market traders whose activities gradually declined.

Economists in Khartoum also expect that the inflation rate will decline shapely in the coming months.

(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.


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



Sudan Tribune

Promote your Page too

Latest Comments & Analysis


What Makes an Uprising? 2021-09-03 17:29:45 By: Dr Lam Akol* In an undated article, Hon. Atem Garang de Kuek discussed what was required for an uprising in South Sudan to succeed as did three uprisings in the recent history of Sudan (...)

Is IGAD partly responsible for current confusion in South Sudan? 2021-08-21 09:41:17 By Bol Khan In April 2016, Radio Tamazuj posted and answered questions about the fainting Security arrangements or demilitarization of the capital, Juba as stipulated in 2015's signed ARCSS and (...)

South Sudan People Coalition for Civil Action (PCCA) is to create warlords 2021-08-19 11:06:28 By Steve Paterno In South Sudan, where just about everyone has access to guns (tons of them), and almost every ambitious politician is a potential warlord, any slight destabilization of the (...)


MORE






Latest Press Releases


Statemeny bu Hala al-Karib to UN Security Council on women conditions in Sudan 2021-09-15 11:59:16 Statement by Ms Hala Al-Karib to the UN Security Council 14 September 2021 Madam President, Excellencies, My name is Hala Al-Karib and I am the Regional Director of the Strategic Initiative (...)

Joint Communiqué on the visit of H.E. the Prime Minister of the Republic of Sudan to Juba 2021-08-23 11:23:26 19 – 21 August 2021 His Excellency Dr Abdallah Hamdok, Prime Minister of the Republic of the Sudan and Chairperson of IGAD, accompanied by Ministers of Defence, Foreign Affairs, Trade, (...)

S. Korea supports UN communities building resilience project in Sudan’s Blue Nile 2019-09-09 09:26:41 UNDP Sudan September 5, 2019 (KHARTOUM) - An agreement was signed on 5th of September between the Korean Ambassador, His Excellency. Lee Ki-Seong and Dr. Selva Ramachandran, Resident (...)


MORE

Copyright © 2003-2021 SudanTribune - All rights reserved.