According to a Saudi official who would be personally involved in the debt-restructuring discussions, Saudi Arabia would encourage Sudan's creditors to strike a broad deal to decrease the African country's $50 billion-plus debt burden.

Sudan is confronting a catastrophic economic crisis and enacting radical changes since it requires debt relief from foreign nations, international financial bodies, and private creditors.

“In terms of reconfiguration, we would push the boundaries more for everyone to restructure (debt) and offer Sudan with more breathing room and assistance for such reforms,” the Saudi official said on requested anonymity ahead of a summit in Paris on Monday to encourage investment and debt forgiveness for Sudan.

“Deferral by itself will not assist. I'd search for acquaintances in Saudi Arabia and elsewhere to supply (debt) haircuts. We will support any attempts the international community undertakes to offer that.”

According to International Monetary Fund records, Saudi Arabia is Sudan's third-largest creditor, owing around $4.6 billion.

Sudan is qualified for debt relief under the International Monetary Fund and World Bank's HIPC scheme.

After resolving its liabilities with the World Bank and the African Development Bank, Sudan's only remaining obstacle to reaching the HIPC's so-called "decision point" is to settle its debts with the IMF. By the end of June, we might reach that level.

The IMF adopted a financing plan last week to further deploy resources required for the fund to finance its portion of Sudan's debt reduction. The Paris summit is likely to result in declarations of contributions from member governments.

So far, creditors such as the US, France, and the UK have shown support for Sudan's debt reduction campaign.

As per the Saudi official, his country would use its current special drawing powers with the IMF, and a substantial monetary donation.

“I am hopeful that by Monday, we would have filled the gap and will be able to go on with a reorganization plan,” the official stated.

Sudan's transitional administration, headed by Prime Minister Abdalla Hamdok, is recovering from years of financial sanctions and seclusion imposed by previous President Omar al-Bashir, who was overthrown by the military in April 2019 following months of the public uprising.

Saudi Arabia donated $3 billion to a joint fund for Sudan projects in March.

“The $3 billion is important to us. “We are currently discussing specific details,” the official stated.

“However, we want to ensure that it serves as a stimulus for future investments not just from nations, but also from the private sector.”

Earlier, the Central Bank of Saudi Arabia announced the launch of an SR200 banknote to commemorate the fifth year since the announcement of the Kingdom's Vision 2030.

This problem is based on Article No. (4) of Saudi Monetary Law, which was established by Royal Decree No (6).

In this context, the Saudi Central Bank stated that the Two Hundred Saudi Riyals banknote, along with all existing banknotes in all denominations, will be circulated as official legal money.

According to the Central Bank, the new Two Hundred denomination was issued in compliance with the most recent banknote production standards.

The new currency is distinguished by a variety of technological requirements, high-quality security mechanisms, a distinct design, and appealing colors that emphasize the design of this currency.

It is important to note that the new banknote is grey in color, with an image of the founder King Abdul Aziz on its front, the logo of the Kingdom's Vision 2030 in 3D design, the Saudi Central Bank name, and the banknote value in Arabic characters and digits.

The reverse of the banknote has a picture of Riyadh's "Qasr Al Hukm," the Saudi Central Bank's name, and the denomination amount in English letters and numerals.

The Saudi central bank has prolonged a loan postponement scheme until the end of the first quarter of next year to assist small firms dealing with the aftermath of the coronavirus outbreak.

As per the monetary authorities, the program has affected approximately SAR77 billion ($20.5 billion) in loans, and the extension was made to assist sustain economic development. The restrictions, announced in March as one of the kingdom's initial reactions to the economic repercussions of the health emergency, have been extended and were scheduled to end in December.