Saudi Arabia deposits $250 million in Sudan's central bank

Minister of Finance Mohamed Al-Jadaan

RIYADH — Saudi Arabia said on Sunday it deposited $250 million with the Sudanese central bank, the Saudi Press Agency reported quoting a statement from the Kingdom's Ministry of Finance.

"Acting on the directives of Custodian of the Two Holy Mosques King Salman, the Ministry of Finance has deposited SR937,500,000 ($250 million) into the Central Bank of Sudan’s account," the statement said.

Saudi Arabia and the United Arab Emirates pledged to send $3 billion worth of aid to Sudan, after mass protests led to the ouster of President Omar Al-Bashir last month.

The move will strengthen Sudan's "financial position, alleviate pressure on the Sudanese pound and achieve more stability in the exchange rate," the statement said.

The remaining amount will be allocated to meet urgent needs of the Sudanese people, including food, medications and oil derivatives.

Minister of Finance Mohamed Abdullah Al-Jadaan confirmed that this deposit constituted an extension of the Kingdom's support to the Sudanese people.

He added that this support would strengthen the financial and economic situation in Sudan, especially the exchange rate of the Sudanese pound, which should reflect positively on the living conditions of the Sudanese people. — SG/SPA