Sudan said Thursday it would receive a loan of 305 million U.S. dollars from an Arab fund to help tackle the country's economic crisis led by soaring food prices and foreign currency shortage.

On Thursday, a delegation from the Arab Monetary Fund met Sudanese Finance Minister Ibrahim Al-Badawi.

During the meeting, the fund's officials said they plan to support the Sudanese economy with an estimated funding of 305 million U.S. dollars, including loans and trade facilities, the finance ministry said in a statement afterward.

Sudan will receive 110 million dollars this month, followed by 45 million dollars in the first quarter of next year and a third tranche of 80 million dollars by the end of 2020.

A separate trade facility of 70 million U.S. dollars will also be offered as part of the overall package.

Sudan's economic woes had led to nationwide protests that resulted in the ousting of former president Omar al-Bashir in April.

The loan is the second such facility to Sudan this year from the Abu Dhabi-based lender, which previously pumped 300 million U.S. dollars into its economy in May.

Sudan's finance ministry said the African Development Bank also gave Sudan a grant of 32.8 million U.S. dollars in a separate agreement to upgrade water and sanitation facilities in the conflict-hit states of North and South Kordofan.

Since the ousting of Bashir, Sudan has been getting by on aid from longtime allies Saudi Arabia and the United Arab Emirates.

Sudan is currently ruled by a joint civilian-military sovereign council which is overseeing the country's transition to civilian rule.

(With input from AFP)