Saudi Arabia Moves to Support Sudanese Pound with Billion-Dollar Deposit

Sources have revealed understandings between Sudan and Saudi Arabia that include two key components: a substantial billion-dollar deposit to be placed at the Central Bank of Sudan to help halt the depreciation of the Sudanese pound, and Saudi financing for Sudan’s imports of petroleum products through oil giant Saudi Aramco.

Separately, Sudan’s Ministry of Finance announced the signing of a US$7 million humanitarian grant agreement with the Jeddah-based Islamic Development Bank to address the humanitarian consequences of the war.

Minister of State at the Ministry of Finance, Mohamed Nour, said the grant represents an important contribution to Sudan’s efforts to meet urgent humanitarian needs and reflects development partners’ confidence in the country’s ability to channel international support to its most vulnerable citizens.