UAE, Saudi Arabia commits $3 billion as financial aid to Sudan

Date:

Trending

Saudi Arabia and the United Arab Emirates said they had agreed to send Sudan $3 billion worth of aid, throwing a lifeline to the country’s new military leaders after protests led to the ousting of president Omar al-Bashir.

- Advertisement -

The two Gulf Arab countries will deposit $500 million with the Sudanese central bank and send the rest in the form of food, medicine and petroleum products, their state news agencies said in parallel statements.

The aid comes amid wrangling between the Transitional Military Council (TMC) and protesters and opposition groups who are demanding that civilians lead a two-year transitional period.

The protesters who have kept up a sit-in outside the Defence Ministry since Bashir was removed on April 11. They have demonstrated in large numbers over the past three days, pressing for a rapid handover to civilian rule.

TMC head Abdel Fattah al-Burhan told state TV that the formation of a joint military-civilian council – one of the activists’ demands – was being considered.

“The issue has been put forward for discussion and a vision has yet to be reached,” he said.

“The role of the military council complements the uprising and the blessed revolution,” said Burhan, adding that the TMC was committed to handing power over to the people.

But a coalition of protesters and opposition groups said the TMC was not serious about handing over power to civilians, describing the council as an “extension of the old regime”.

- Advertisement -

“We have decided to opt for escalation with the military council, not to recognise its legitimacy and to continue the sit-in and escalate the protests on the streets,” Mohamed al-Amin Abdel-Aziz, of the Sudanese Professional Association, told one of the largest crowds outside the defence ministry.

KOBAR PRISON

Burhan also confirmed for the first time that Bashir and a number of former officials, including presidential aide Nafie Ali Nafie, acting party head Ahmed Haroun and former first vice president Ali Osman Taha, are being held at a high-security prison in Khartoum North.

“All of them are at Kobar prison,” he said, adding that “a large number of symbols of the former regime suspected of corruption will stand trial”.

Burhan said authorities had found 7 million euros ($7.8 million) in Bashir’s home, along with $350,000, slightly more than previously reported.

The aid from Saudi Arabia and the United Arab Emirates is the first major publicly announced assistance to Sudan from Gulf states in several years.

“This is to strengthen its financial position, ease the pressure on the Sudanese pound and increase stability in the exchange rate,” the Saudi Press Agency said.

Sudan’s state news agency said the central bank strengthened the Sudanese pound to 45 pounds to the dollar from 47.5, in a measure that coincided with the sharp rise in the price of the pound against the dollar on the parallel market.

The two Gulf states have ties with Burhan and his deputy, Mohamed Hamdan Dagalo, through their participation in the Saudi-led coalition fighting in Yemen.

- Advertisement -

Sudan has been suffering from a deepening economic crisis that has caused cash shortages and long queues at bakeries and petrol stations.

Analysts have blamed the crisis on economic mismanagement, corruption, and the impact of U.S. sanctions, as well as the loss of oil revenue when South Sudan seceded in 2011.

In October 2017, the United States lifted some trade and economic sanctions on Sudan, but Sudan remained on the list of countries that the United States considers to be sponsors of terrorism.

Burhan said a committee could travel to the United States for discussions about lifting Sudan from the list by next week. Washington has said Sudan will not be removed from the list as long as the military is in power.

The designation makes Sudan ineligible for desperately needed debt relief and financing from international lenders.

The United States agreed in November to talks with Bashir’s government on how to get Sudan removed from the list, but no resolution was reached before his overthrow.

Over the last few years, Sudan’s cash-short government expanded money supply to cover the cost of expensive subsidies on fuel, wheat and pharmaceuticals, causing annual inflation of 73 percent and the Sudanese pound to plunge against the dollar.

THE SNAPSHOTS, IN YOUR INBOX

Get quick snaps of everyday happening, directly in your inbox.

We don’t spam! Read our privacy policy for more info.

Support our independent journalism PayPal (Outside India) For PayU (For Indian Readers).

Krishna Mali
Krishna Mali
Founder & Group Editor of TechGraph.

More Latest Stories

More Articles

Gadgets: OPPO Find X8 Series to Launch Globally with MediaTek Dimensity 9400 SOC

OPPO, the world's leading smart device brand will bring the flagship MediaTek Dimensity 9400 SoC to global markets in its upcoming OPPO Find X8...

LTC UPDATE: Gate io Lists Litecoin Under Meme Coins

US-based cryptocurrency exchange platform Gate.io has listed Litecoin (LTC) under its meme coin category. The announcement was made on Friday via the company’s official Twitter account, where Gate.io stated, “We are now officially the first major exchange to have listed @litecoin under the memecoin section....

Pokarna Engineered Stone Limited Commits Rs 440 Crores for New Bretonstone Line

Pokarna Engineered Stone Limited (PESL) said on Tuesday it will invest Rs. 440 crore...

Coinbase launches COIN50 Index To Track Top 50 Cryptos On its Exchange

Leading crypto trading platform Coinbase on Tuesday announced the launch of the Coinbase 50...
00:01:42

The Trump Effect: Crypto Market Hits $3 Trillion Market Cap; Bitcoin Surges $87K, While Ethereum Stood At $3k

Following Donald Trump's presidential election victory, the cryptocurrency market surged, reaching a whopping $3.02...
00:01:10

Tom Homan Old Video Goes Viral, After Donald Trump Taps Him As Border Czar

An old video of Tom Homan, former acting head of US Immigration and Customs...

UltraverseNFT Launches Sandalwood backed NFT for Eco-Conscious Investors

UltraverseNFT is proud to introduce its groundbreaking Sandalwood NFTs, designed to redefine eco-conscious investments...

Why BITBinvest.com is Expanding Worldwide & Capturing High-Profile Trader’s Attention?

BITBinvest.com has rapidly emerged as one of the leading companies in online trading, making...
00:00:48

Donald Trump To Shut Department of Education; Plans To Shift Responsibilities To States

President-elect Donald Trump announced on Monday that his administration intends to close the Department of Education in Washington, D.C., and transfer education responsibilities to...

4 Key Ways Robotics May Change Warehouse Operations by 2030

The landscape of warehouse operations is poised for significant transformation by 2030 with the...

VIDEO: Israeli PM Netanyahu Visits Lebanese Border, Promises Strong Action Against Hezbollah

During a recent visit to the Lebanese border, Israel's Prime Minister Benjamin Netanyahu highlighted...

Serhii Tokarev’s Strategies for Improving Math Education in Ukraine

Mathematics is essential in many areas of life, from technology and space exploration to...
00:11:10

FULL SPEECH: Cardi B Addresses Kamala Harris Rally In Wisconsin

Singer Cardi B addressed a rally in Milwaukee, Wisconsin, showing her support for presidential...

Finzilo Review | 8 Trading Features That Make Finzilo Stand Out

When it comes to online trading platforms, choosing the right one can significantly impact your trading success. In this Finzilo review, we’ll explore eight...

US President Biden Apologies To Native Indians For Horrific Boarding School Policy

During a visit to the Gila River Indian Community in Arizona, President Joe Biden issued a formal apology for the United States' 150-year boarding school policy in which many Indigenous children were physically, emotionally, and sexually abused. Addressing the community, President Biden said, “I’m doing...

Kriya: PM Netanyahu Closely Monitors ‘Military Operations’ On Iran

The Israeli Prime Minister's Office has released a new video showing Prime Minister Benjamin...

Iran Should Not Respond To Israeli Attack: UK PM Keir Starmer

The United Kingdom's Prime Minister Keir Starmer has requested Iran to avoid retaliation after...

TVS Motor Achieves Highest Ever Revenue and Profits in Q2

TVS Motor Company posts highest ever operating revenue of Rs. 9,228 Crores registering a...
00:00:00

Live From Parliament: UK Deputy PM Angela Rayner takes PMQs

London News: The United Kingdom (UK) deputy prime minister Angela Rayner takes questions from...

‘Not Our King’ Australian Politician Lidia Thorpe Heckled King Charles

Following King Charles' keynote speech in the Australian parliament, Senator Lidia Thorpe accused the...

Live: UN Security Council Meeting on Russia Ukraine Security

The members of the United Nations Security Council met on Monday to discuss the...
00:05:21

Mark Cuban Slams Donald Trump’s Tariff Plan at Kamala Harris Rally

Cuban says Trump’s plan to impose over 60% tariffs on Chinese imported products would hit American shoppers, especially during the holidays.

Harnessing Market Movements: Strategic Index Trading for Diversified Portfolios

As global financial markets continue to evolve, index trading has become a key focus...

Identifying the Key Loopholes in the Current Digital Wallets

Digital wallets have evolved to meet the demands of decentralized solutions built with blockchain...

Serhii Tokarev’s Strategies for Improving Math Education in Ukraine

Mathematics is essential in many areas of life, from technology and space exploration to...

APP Reviews: Bengali Betting Sites

Recognizing the increasing demand for an exhilarating and convenient gambling experience in the Bengali...

Interactive Learning: Elevating Concept Clarity Through Online Education

In today’s digital age, virtual learning has taken center stage, with live online lessons...
00:00:00

United Nations Security Council Holds Meeting On Israel Middle East Situation

UN LIVE: Members of the United Nations Security Council meet to discuss the Israel...

Russian Producers Ready to Increase Fertilizer Supplies to India

Moscow, Russia: Russian companies are ready to increase fertilizer supplies to India, but the...
00:11:10

FULL SPEECH: Cardi B Addresses Kamala Harris Rally In Wisconsin

Singer Cardi B addressed a rally in Milwaukee, Wisconsin, showing her support for presidential...

Harnessing Market Movements: Strategic Index Trading for Diversified Portfolios

As global financial markets continue to evolve, index trading has become a key focus...

Leveraging AI in Press Release Distribution: The Future of PR

Over the years the field of Public Relations (PR) has undergone significant transformation with...

Identifying the Key Loopholes in the Current Digital Wallets

Digital wallets have evolved to meet the demands of decentralized solutions built with blockchain...