Saudi Arabia deposits $250 mn in Sudan's central bank
Saudi Arabia announced
Sunday it deposited $250 million in Sudan's central bank as part of a support
package for the country following the overthrow of longtime leader Omar
al-Bashir.
"The ministry of
finance has deposited 937.5 million Saudi riyals into the central bank of
Sudan," it said in a statement.
In April, Saudi Arabia
and the United Arab Emirates announced three billion dollars (2.7 billion
euros) in financial aid for Sudan.
"$500 million has
been provided by both countries... to strengthen its financial position,"
the kingdom's finance ministry said.
The UAE said on April
28 it was depositing $250 million in Sudan's central bank.
The oil-rich Gulf
states pledged to inject $500 million into Sudan's central bank and $2.5
billion to help provide food, medicine and petroleum products, the official
Saudi Press Agency (SPA) said last month.
It said the move was
aimed shoring up the Sudanese pound.
In recent years Sudan
has been hit by an acute lack of dollars, a key factor behind the nationwide
protests that first erupted in December and led to the toppling of Bashir by the
army last month.
Sudan plays a key role
in the regional interests of Saudi Arabia and its allies, siding with Riyadh
against Shiite Iran and providing troops in the Saudi-led coalition fighting in
Yemen's war.
Both Gulf nations have
voiced backing for Sudan's military rulers, who are facing calls from
protesters to cede power to a civilian transitional government.
The Sudanese currency
had plunged even after the United States lifted its 20-year-old trade embargo
on the country in October 2017.
Expectations that the
end of US sanctions would bring an economic recovery failed to materialize,
putting pressure on the pound.
The country's economic
crisis has deepened since the secession of South Sudan in 2011 that took away
the bulk of oil earnings.