Int’l Pledge to Support Sudan’s Economic Reforms Program

Customers look on as a vender displays fresh produce in Khartoum, Sudan December 2, 2016. REUTERS/Mohamed Nureldin Abdallah
Customers look on as a vender displays fresh produce in Khartoum, Sudan December 2, 2016. REUTERS/Mohamed Nureldin Abdallah
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Int’l Pledge to Support Sudan’s Economic Reforms Program

Customers look on as a vender displays fresh produce in Khartoum, Sudan December 2, 2016. REUTERS/Mohamed Nureldin Abdallah
Customers look on as a vender displays fresh produce in Khartoum, Sudan December 2, 2016. REUTERS/Mohamed Nureldin Abdallah

UK Department for International Development representatives and UN agencies operating in Sudan affirmed during a meeting with the state minister at the ministry of finance in Khartoum on Friday that the international community is willing to provide technical support to Sudan to reinforce its economic reform program.

Following the meeting Friday, a joint document stressed efforts to restore confidence between the Khartoum government and the international community and to prepare a plan to benefit from the support programs offered by the international community to Sudan.

The conferees agreed that the document’s implementation would encourage Arab Gulf countries to increase their support to Sudan and make new investments it.

State minister at the Sudanese ministry of finance Tareq Hasan Shalabi told Asharq Al-Awsat that his country has moved ahead in implementing economic reform programs since the start of 2018 without international assistance, which caused a deficit especially with the rise in prices of subsidized goods.

European Union Ambassador to Sudan Jean-Michel Dumond said the EU was willing to support the country economically, especially in financial reforms on expanding taxation.

Dumond and Osama Faisal, minister of state at the Sudanese ministry of foreign affairs, discussed a number of local, regional and international issues of mutual concern. They also agreed to hold more talks to deepen bilateral ties.

The World Bank has expanded its economic team working in Sudan to provide the required technical assistance and help the country face its economic challenges.

According to sources, the World Bank delegation that visited Sudan two months ago was briefed on the government’s preparations for a strategy on fighting poverty.



Saudi PIF Completes $7 bln Inaugural Murabaha Credit Facility

The Public Investment Fund (PIF) logo
The Public Investment Fund (PIF) logo
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Saudi PIF Completes $7 bln Inaugural Murabaha Credit Facility

The Public Investment Fund (PIF) logo
The Public Investment Fund (PIF) logo

Saudi Arabia's Public Investment Fund (PIF) completed on Monday a $7 billion inaugural murabaha credit facility.
In a statement, PIF said the credit facility is supported by a syndicate of 20 international and regional financial institutions.
PIF head of the Global Capital Finance Division and head of Investment Strategy and Economic Insights Division Fahad AlSaif said: “This inaugural murabaha credit facility demonstrates the flexibility and depth of PIF’s financing strategy and use of diversified funding sources, as we continue to drive transformative investments, globally and in Saudi Arabia”, the Saudi Press Agency reported on Monday.
This financing complements PIF’s successful sukuk issuances over the past two years, the statement added. It also underpins PIF’s strong financial position, as well as its best-practice approach to debt financing.
PIF is rated Aa3 by Moody’s with stable outlook and A+ by Fitch with stable outlook. PIF has four main sources of funding: capital injections from government, government asset transfers, retained earnings from investments, and loans and debt instruments.