Arab fund offers $305 million loan to cash-strapped Sudan
Sudan's economic woes had led to nationwide protests that resulted in the ouster of longtime ruler Omar al-Bashir in April.
On Thursday a delegation from the Arab Monetary Fund met Sudanese Finance Minister Ibrahim Al-Badawi.
"During the meeting, the delegation said the fund plans to support the Sudanese economy with an estimated funding of $305 million, including loans and trade facilities," the finance ministry said in a statement afterwards.
Sudan will receive $110 million this month, followed by $45 million in the first quarter of next year and a third tranche of $80 million by the end of 2020.
A separate trade facility of $70 million will also be offered as part of the overall package.
The loan is the second such facility to Sudan this year from the Abu Dhabi-based lender, which previously pumped $300 million into its economy in May.
The finance ministry said that in a separate agreement, the African Development Bank also gave Sudan a grant of $32.8 million to upgrade water and sanitation facilities in the conflict-hit states of North and South Kordofan.
Last month Badawi told AFP that Sudan needed $3 billion to cover immediate needs and stabilise its budget.
Since the fall of Bashir, Sudan has been getting by on aid from long-time allies Saudi Arabia and the United Arab Emirates.
Growing anger over the country's economic crisis triggered protests in December last year against Bashir's rule.
Read also: Ousted Sudanese President Omar al-Bashir 'received millions of dollars from Saudi royals'
They swiftly turned into a nationwide movement that finally saw the veteran president ousted by the army on April 11.
Sudan is currently ruled by a joint civilian-military sovereign council which is overseeing the country's transition to a civilian rule, as demanded by protesters.
The daily affairs of the country are managed by a transitional cabinet headed by prominent economist Prime Minister Abdalla Hamdok.
Sudan's economic crisis deepened since the secession of South Sudan in 2011 which took away the bulk of oil earnings.