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IMF, South Sudan in Pact for Emergency Funds of $112.7 Mln

Sacs of corn are loaded onto trucks in the Sudanese Red Sea city of Port Sudan, as part of the US support for Sudan in the field of humanitarian aid, on November 20, 2022. (AFP)
Sacs of corn are loaded onto trucks in the Sudanese Red Sea city of Port Sudan, as part of the US support for Sudan in the field of humanitarian aid, on November 20, 2022. (AFP)
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IMF, South Sudan in Pact for Emergency Funds of $112.7 Mln

Sacs of corn are loaded onto trucks in the Sudanese Red Sea city of Port Sudan, as part of the US support for Sudan in the field of humanitarian aid, on November 20, 2022. (AFP)
Sacs of corn are loaded onto trucks in the Sudanese Red Sea city of Port Sudan, as part of the US support for Sudan in the field of humanitarian aid, on November 20, 2022. (AFP)

The International Monetary Fund and South Sudan have reached a staff-level agreement for the release of about $112.7 million in emergency financing, the fund said on Tuesday. 

"This emergency financing under the new Food Shock Window will help South Sudan address food insecurity, support social spending, and boost international reserves," the IMF said in a statement. 

The IMF's executive board will approve the financing in coming weeks, the fund said. 

In early-November, United Nations agencies said up to 7.8 million people in South Sudan, two-third of the population, may face severe food shortages during next year's April-to-July lean season due to floods, drought and conflict. 

On Tuesday, the IMF put the number of people experiencing severe food insecurity at an estimated 8.3 million. 

"The combination of continued localized conflict, four consecutive years of severe flooding, and the rising price of staple commodities from Russia's war in Ukraine has increased the number of people experiencing severe food insecurity," it said. 

South Sudan erupted into civil war shortly after getting independence from Sudan in 2011 and while a peace agreement signed four years ago is largely holding, the transitional government has been slow to unify various military factions. 

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Saudi Private Sector Exports Financed by Banks Grow 21.1%

The Jeddah Islamic Port west of Saudi Arabia (Saudi Ports Authority)
The Jeddah Islamic Port west of Saudi Arabia (Saudi Ports Authority)
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Saudi Private Sector Exports Financed by Banks Grow 21.1%

The Jeddah Islamic Port west of Saudi Arabia (Saudi Ports Authority)
The Jeddah Islamic Port west of Saudi Arabia (Saudi Ports Authority)

The value of Saudi private sector exports financed by commercial banks through documentary credits (both settled and open) grew by 21.1% year-on-year, reaching SAR 40.4 billion ($10.8 billion) in the third quarter of 2024. This represents an increase of over SAR 7 billion ($1.9 billion) compared to SAR 33.3 billion ($8.9 billion) in the same period in 2023.

According to the Saudi Central Bank’s October statistical bulletin, the Gulf Cooperation Council (GCC) emerged as the leading importer by value, accounting for SAR 26 billion ($7 billion), which represents 64% of total exports. Arab countries followed, importing goods worth SAR 7.7 billion ($2 billion), or 19.1% of the total.

On a quarterly basis, exports financed through documentary credits grew by 35%, rising by more than SAR 10 billion ($2.7 billion) compared to SAR 30 billion ($8 billion) in the second quarter of this year.

The composition of exports showed that “other industrial products” accounted for 79% of the total value of documentary credits, amounting to SAR 31.9 billion ($8.5 billion). Exports of “chemical and plastic materials” made up 19% of the total, valued at SAR 7.6 billion ($2 billion), while “agricultural and livestock products” contributed 2.3%, exceeding SAR 911 million ($243 million).

The Saudi Central Bank’s October bulletin also highlighted a decline in total assets, which stood at SAR 1.8 trillion ($477 billion), down by SAR 80.3 billion ($21.4 billion) compared to September. However, on a year-on-year basis, total assets rose by SAR 27.5 billion ($7.3 billion) compared to October 2023.

The Central Bank’s investments in foreign securities increased by 3% in October, surpassing SAR 1 trillion ($266 billion), compared to SAR 986.8 billion ($262 billion) during the same period last year.

The total reserve assets of the Central Bank grew by 2.19% year-on-year, reaching SAR 1.63 trillion ($433.8 billion) by the end of October, compared to SAR 1.59 trillion ($423 billion) in October 2023. However, reserve assets dropped by 4.7% month-on-month, falling from SAR 1.71 trillion ($455 billion) in September.

Saudi Arabia’s reserve assets include investments in foreign securities, foreign currency deposits, reserves with the International Monetary Fund, Special Drawing Rights, and monetary gold.