KHARTOUM (Reuters) - Sudan will get a large loan from Chinese state oil firm China National Petroleum Corp (CNPC), the main oil operator in the Arab African country, state news agency SUNA reported.
Finance Minister Ali Mahmoud gave no details but said the loan would help stabilise the economy, which has been hit hard by the loss of most oil reserves to South Sudan, and the foreign exchange rate of the Sudanese pound, SUNA said on its website.
The loan would "lead to a radical change in the structure of the Sudanese economy," he said.
The finance minister also said CNPC, which was not immediately available for comment, had agreed to postpone repaying its previous loans for five years.
China is Sudan's most important trading partner apart from Gulf Arab countries and the biggest investor in the local oil industry.
Sudan has been struggling with a severe economic crisis since losing three quarters of oil production when South Sudan seceded in July 2011. Oil revenues were the biggest source for state revenues and foreign currency needed to fund food imports.
Source: http://news.yahoo.com/sudan-says-loan-chinese-state-oil-firm-101100419--finance.html
espn greg oden st patricks day st. bonaventure ira glass march madness swain
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.