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.



Gold Heads for Weekly Fall as Fewer Fed Rate Cut Prospects Weigh

Jewelry is displayed at the Gold Souk market in Dubai, United Arab Emirates, March 14, 2025. REUTERS/Amr Alfiky/File Photo
Jewelry is displayed at the Gold Souk market in Dubai, United Arab Emirates, March 14, 2025. REUTERS/Amr Alfiky/File Photo
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Gold Heads for Weekly Fall as Fewer Fed Rate Cut Prospects Weigh

Jewelry is displayed at the Gold Souk market in Dubai, United Arab Emirates, March 14, 2025. REUTERS/Amr Alfiky/File Photo
Jewelry is displayed at the Gold Souk market in Dubai, United Arab Emirates, March 14, 2025. REUTERS/Amr Alfiky/File Photo

Gold prices fell on Friday and were on track for a weekly decline, as an overall stronger dollar and the prospect of fewer US interest rate cuts offset support from rising geopolitical risks in the Middle East.

Spot gold slipped 0.8% to $3,333.99 an ounce, as of 0604 GMT, and was down 2.5% for the week so far.

US gold futures shed 1.4% to $3,361.80.

Describing the situation in the Middle East as "fluid", Kelvin Wong, senior market analyst, Asia Pacific, at OANDA, said it is causing traders to avoid taking aggressive positions both on the long and the short side of the trade spectrum, reported Reuters.

US President Donald Trump will decide in the next two weeks whether the US will get involved in the Israel-Iran air war, the White House said on Thursday, raising pressure on Tehran to come to the negotiating table.

Meanwhile, Trump reiterated his calls for the US Federal Reserve to cut interest rates, saying it should be 2.5 percentage points lower.

The Fed held rates steady on Wednesday, and policymakers retained projections for two quarter-point rate cuts this year.

"Macroeconomic developments, particularly steady yields and renewed USD strength, have not supported the (gold) price," analysts at ANZ said in a note.

"Rising inflation expectations and the Fed's cautious stance have weighed on market expectations around the number of rate cuts this year."

The dollar was set to log its biggest weekly rise in over a month on Friday. A stronger greenback makes gold more expensive for other currency holders.

Elsewhere, spot silver slipped 2.1% to $35.61 per ounce, while palladium fell 0.8% to $1,042.04. Platinum fell 1.9% to $1,282.72, but was heading for its third straight weekly rise.