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World Bank suspends its aid to Sudan as military seized power

The BBC reported, the World Bank has suspended its aid to Sudan, after the military there staged a coup against the civilian government.
It said that political leaders were arrested on Monday, sparking nationwide protests and international condemnation.
According to the BBC, The African Union (AU) has also suspended Sudan from the bloc over the "unconstitutional" seizure of power. The US has frozen $700m (£508m) in aid.
It mentioned that Sudan's civilian and military leaders had been in a fragile power-sharing agreement for the past two years.
It added, the sudden cut to aid is likely to have dire consequences for Sudan's battered economy, at a time when it was just starting to get back on its feet.
The World Bank and AU moves put further pressure on the coup's leader, Gen Abdel Fattah Burhan, to reinstate the civilian government.

Gen Burhan was in charge of the power-sharing agreement, and has said the coup was needed to avoid "civil war". He has insisted that Sudan is still moving towards democracy and elections in 2023 - but his reasoning and the sudden takeover have been widely rejected.
Read more: Sudan’s coup leader says army seized power to prevent ‘civil war’
The president of the World Bank, David Malpass, said in a statement: "I am greatly concerned by recent events in Sudan, and I fear the dramatic impact this can have on the country's social and economic recovery and development."
In March, Sudan was able to access billions of dollars in grants from the World Bank for the first time in nearly 30 years, after it cleared its arrears. At the time, Mr Malpass said that the country was making some economic progress, after years of being in a deep crisis.
According to Prime Minister Abdalla Hamdok, the World Bank has contributed some $3bn in aid to Sudan to support agriculture, transport, health care and education, among other things.
In a speech last month to the World Bank, he said that changes from the funding "have begun to bear fruits" as the economy showed signs of stabilising. Now, that is at risk again.
The AU tweeted that while it welcomed the release of the prime minister, who was detained on Monday, Sudan will remain suspended from its activities until the civilian government is reinstated.
And the US Secretary of State, Antony Blinken, said he had spoken with Sudan's civilian-allied Foreign Minister Mariam Sadiq al-Mahdi and pledged his support for a return to "a civilian-led transition to democracy".
Read more: China restricts smaller cities from building ‘super high-rise buildings’
Late on Wednesday, state media reported that six Sudanese ambassadors had been removed from their posts by the military.
Those withdrawn included the country's representatives to the US, the European Union and China, all of whom have condemned the army's takeover.
Street protests continued for a third day, with at least 10 people killed after soldiers opened fire on crowds. Troops reportedly travelled house to house in Khartoum arresting local protest organisers.
Trade unions representing doctors and oil workers said they were joining the demonstrations, as did staff at the Sudanese Banking Association.
The association's spokesman, Abdul Rashid Khalifa, told the BBC: "We stand firmly against any military action and any form of dictatorship."
The agreement between civilian and military leaders was signed in 2019 after long-time ruler Omar al-Bashir was overthrown. The power-sharing was designed to steer Sudan towards democracy but has proven fragile with a number of previous coup attempts, the last just over a month ago.
Source: BBC
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BENEFIT AGM approves 10%...
- March 27, 2025
BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, held its Annual General Meeting (AGM) at the company’s headquarters in the Seef District.
During the meeting, shareholders approved all items listed on the agenda, including the ratification of the minutes of the previous AGM held on 26 March 2024. The session reviewed and approved the Board’s Annual Report on the company’s activities and financial performance for the fiscal year ended 31 December 2024, and the shareholders expressed their satisfaction with the company’s operational and financial results during the reporting period.
The meeting also reviewed the Independent External Auditor’s Report on the company’s consolidated financial statements for the year ended 31 December 2024. Subsequently, the shareholders approved the audited financial statements for the fiscal year. Based on the Board’s recommendation, the shareholders approved the distribution of a cash dividend equivalent to 10% of the paid-up share capital.
Furthermore, the shareholders endorsed the allocation of a total amount of BD 172,500 as remuneration to the members of the Board for the year ended 31 December 2024, subject to prior clearance by related authorities.
The extension of the current composition of the Board was approved, which includes ten members and one CBB observer, for a further six-month term, expiring in September 2025, pending no objection from the CBB.
The meeting reviewed and approved the Corporate Governance Report for 2024, which affirmed the company’s full compliance with the corporate governance directives issued by the CBB and other applicable regulatory frameworks. The AGM absolved the Board Members of liability for any of their actions during the year ending on 31st December 2024, in accordance with the Commercial Companies Law.
In alignment with regulatory requirements, the session approved the reappointment of Ernst & Young (EY) as the company’s External Auditors for the fiscal year 2025, covering both the parent company and its subsidiaries—Sinnad and Bahrain FinTech Bay. The Board was authorised to determine the external auditors’ professional fees, subject to approval from the CBB, and the meeting concluded with a discussion of any additional issues as per Article (207) of the Commercial Companies Law.
Speaking on the company’s performance, Mr. Mohamed Al Bastaki, Chairman BENEFIT , stated: “In terms of the financial results for 2024, I am pleased to say that the year gone by has also been proved to be a success in delivering tangible results. Growth rate for 2024 was 19 per cent. Revenue for the year was BD 17 M (US$ 45.3 Million) and net profit was 2 Million ($ 5.3 Million).
Mr. Al Bastaki also announced that the Board had formally adopted a new three-year strategic roadmap to commence in 2025. The strategy encompasses a phased international expansion, optimisation of internal operations, enhanced revenue diversification, long-term sustainability initiatives, and the advancement of innovation and digital transformation initiatives across all service lines.
“I extend my sincere appreciation to the CBB for its continued support of BENEFIT and its pivotal role in fostering a stable and progressive regulatory environment for the Kingdom’s banking and financial sector—an environment that has significantly reinforced Bahrain’s standing as a leading financial hub in the region,” said Mr. Al Bastaki. “I would also like to thank our partner banks and valued customers for their trust, and our shareholders for their ongoing encouragement. The achievements of 2024 set a strong precedent, and I am confident they will serve as a foundation for yet another successful and impactful year ahead.”
Chief Executive of BENEFIT; Mr. Abdulwahed AlJanahi commented, “The year 2024 represented another pivotal chapter in BENEFIT ’s evolution. We achieved substantial progress in advancing our digital strategy across multiple sectors, while reinforcing our long-term commitment to the development of Bahrain’s financial services and payments landscape. Throughout the year, we remained firmly aligned with our objective of delivering measurable value to our shareholders, strategic partners, and customers. At the same time, we continued to play an active role in enabling Bahrain’s digital economy by introducing innovative solutions and service enhancements that directly address market needs and future opportunities.”
Mr. AlJanahi affirmed that BENEFIT has successfully developed a robust and well-integrated payment network that connects individuals and businesses across Bahrain, accelerating the adoption of emerging technologies in the banking and financial services sector and reinforcing Bahrain’s position as a growing fintech hub, and added, “Our achievements of the past year reflect a long-term vision to establish a resilient electronic payment infrastructure that supports the Kingdom’s digital economy. Key developments in 2024 included the implementation of central authentication for open banking via BENEFIT Pay”
Mr. AlJanahi concluded by thanking the Board for its strategic direction, the company’s staff for their continued dedication, and the Central Bank of Bahrain, member banks, and shareholders for their valuable partnership and confidence in the company’s long-term vision.
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