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.
Source: Sudan Tribune