Sudan Allows Gold Exports after 6-Year Monopoly

Sudan Allows Gold Exports after 6-Year Monopoly
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Sudan Allows Gold Exports after 6-Year Monopoly

Sudan Allows Gold Exports after 6-Year Monopoly

In a remarkable move, the Central Bank of Sudan has agreed to allow foreign and domestic mining companies and individuals to export gold after a government monopoly of more than six years.

Sudan produces 150 tons of gold per year, but the Central Bank managed to export no more than 37 tons in 2018. Some 113 tons have been smuggled into neighboring countries, which wasted an important economic resource that would have otherwise helped address the crises gripping Sudan.

Sudanese citizens have queued for fuel and bread, and in front of ATMs and banks, after a liquidity crisis hit the country.

The authorization for the private sector to export gold, announced by the Sudan Gold Exporters' Union, based on a decision by Prime Minister Moataz Moussa, would prevent large-scale smuggling operations.

Abdel Monem al-Siddiq, the head of the local gold exporters union, told Asharq Al-Awsat: "From now on, we will not allow one gram to be smuggled outside the border."

According to Siddiq, Sudan produces up to 150 tons of gold, which would contribute effectively to the balance of payments, filling the gap in foreign exchange earnings, and enabling the country to import strategic goods.



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.