São Paulo – The president of the Bank of Sudan, the Sudanese central bank, Mohamed Kheir Al-Zubeir, requested financial aid during a meeting held in Qatar last Thursday (15th). According to the news agency Reuters, he called on Arab countries to make deposits in the Central Bank or the country’s commercial banks.
Zubeir did not request a specific amount, but said Sudan needs at least US$ 4 billion. Some of the country’s financial hardship is a consequence of the independence of South Sudan, declared in July this year.
As the territories were divided, Sudan lost 75% of its oil reserves, which ensured an output of 500,000 barrels a day. The loss in oil revenues is not the country’s sole economic problem. Inflation has doubled since November 2010 and the country is under a trade embargo imposed by the United States.
Zubeir said, however, that he believes the African country’s finances should be up to speed in three years. According to the central bank governor, economic authorities are taking fiscal adjustment measures and investing in diversifying agricultural and industrial production to reduce dependence on imports and promote exports.
*Translated by Gabriel Pomerancblum
