El Gedaref/Khartoum — Banks and ATMs in El Gedaref in eastern Sudan have experienced total lack of liquidity for two days, as Arab Monetary Fund pledges $300 million loan.
Traders in El Gedaref market told Radio Dabanga that banks and ATMs were completely empty. Staff at the banks notofied cutomers that there is no money, and that they should return after Tuesday to withdraw money.
White Nile state employees have not been paid their salaries for February yet due to lack of liquidity, according to residents of Kosti.
Arab Monetary Fund
Sudan will receive $300 million worth of loans from the Arab Monetary Fund (AMF), following meetings between President Omar Al Bashir and the fund's Director-General and Chairman of the Board, Abdelrahman Bin Abdallah El Humaidi.
According to a statement, the State Minister of the Ministry of Finance, Mustafa Hawli, signed an agreement for a $230 million loan, to ameliorate cash shortage issues in the country, from the Abu Dhabi-based AMF.
A second loan worth $70 million will come from the Arab Trade Financing Program, whose shareholders include the AMF and which is also based in Abu Dhabi; the loan was signed by El Humaidi. It will be used to buy strategic goods, including fuel, grains, and medicines.
Mustafa Hawli said in a statement that he will offer "an additional agreement, including two extra loans for commercial facilities".