Home | News    Thursday 6 February 2014

Sudanese officials predict economic improvement this year

separation
increase
decrease
separation
separation

February 5, 2014 (KHARTOUM) – The governor of Sudan’s central bank Abdel-Rahman Hassan Abdel-Rahman forecasted that the economy will witness significant shifts in the coming period after moving to diversify away from dependency on oil exports.

JPEG - 19.8 kb
Sudan’s investment minister, Mustafa Osman Ismail, speaks at a news conference in Doha on 8 April 2013 (Photo: STR/AFP/Getty Images)

Abdel-Rahman said that there will be an economic breakthrough stressing the central bank’s determination to pursue the implementation of the tripartite program aimed at redeeming the economy.

The Sudanese official told a visiting Bahraini delegation that boosting non-oil exports will help preserve the country’s Forex reserves.

Sudan has seen its economy take a nosedive after the south became independent in July 2011, taking with it three-quarters of the once united country’s oil output. According to figures from the International Monetary Fund (IMF), the country’s GDP contracted by 4.4% in 2012.

After the country’s partition, the Sudanese government was forced to undertake austerity measures including one last September that triggered violent demonstrations across the country.

The Sudanese currency’s value has eroded relative to the US dollar in the black market trading at lows 8.2 pounds last month compared to the official rate of 5.7.

In related statements, the investment minister Mustafa Osman Ismail declared that the government will "unify" the US dollar exchange rate through the tripartite program that is working to reduce imports and increase exports.

"We will see a definite end to the black market in US dollar," Ismail said. He acknowledged that fluctuation in the US dollar exchange rate against the Sudanese pound adversely impacted efforts to attract and retain investments.

This however, did not prevent Sudan from continuing to attract foreign investors despite obstacles encountered, he said.

Last November, Ismail acknowledged that inflows of Foreign Direct Investments (FDI) in the country have declined since the secession of the oil-rich south in mid-2011 compared to the prior decade.

Sudan has been struggling to narrow the gap between the official and black market rates of foreign currency exchange which has been widening since the country’s breakup.

Some foreign businesses particularly in telecom saw the instability in currency eating into their profits.

(ST)

Comments on the Sudan Tribune website must abide by the following rules. Contravention of these rules will lead to the user losing their Sudan Tribune account with immediate effect.

- No inciting violence
- No inappropriate or offensive language
- No racism, tribalism or sectarianism
- No inappropriate or derogatory remarks
- No deviation from the topic of the article
- No advertising, spamming or links
- No incomprehensible comments

Due to the unprecedented amount of racist and offensive language on the site, Sudan Tribune tries to vet all comments on the site.

There is now also a limit of 400 words per comment. If you want to express yourself in more detail than this allows, please e-mail your comment as an article to comment@sudantribune.com

Kind regards,

The Sudan Tribune editorial team.
  • 6 February 2014 10:43, by Observer

    Every year we hear the same lies.. we are still waiting for an improvement in the economy. We are promised the same thing year after year and the only people who see an improvement in their financial situation are the corrupt government officials.
    Spend less on the military and security and more on health, education and creating employment and maybe we could one day believe this statement

    repondre message

Comment on this article



The following ads are provided by Google. SudanTribune has no authority on it.


s
Sudan Tribune

Promote your Page too

Latest Comments & Analysis


Do we have leaders in South Sudan or murderers? 2017-10-15 04:13:20 By Peter Gai Manyuon According to different scholars globally, leadership style is the way a person uses power to lead other people. More so, scholars have also identified a variety of (...)

Accountability, National Dialogue, and Elections: Which one of them comes first? 2017-10-12 21:51:17 By Dr Lako Jada Kwajok Conflicts or wars are the offspring of failures to have constructive dialogues in resolving problems between parties. The parties could range from countries, groups of (...)

Sudan-U.S relations: Khartoum’s animosity went with the wind after sanctions lifting 2017-10-11 05:39:38 By Mahmoud A. Suleiman This article comes in the aftermath of the calming and fading away from the heavy dust triggered by the event of lifting the decades-long US economic and trade sanctions (...)


MORE






Latest Press Releases


Reactions to government agencies’ conspiracy against Greater Bor community 2017-10-08 07:54:31 October 7, 2017 A monkey business or a donkey business in the government of the republic of South Sudan against the citizens is unacceptable. Therefore, we as youth of Greater Bor in diaspora (...)

Amnesty calls to release Nubian activists detained over protest for cultural rights 2017-09-12 20:47:54 AMNESTY INTERNATIONAL PRESS RELEASE 12 September 2017 Egypt: Release 24 Nubian activists detained after protest calling for respect of their cultural rights Egyptian authorities should (...)

New group formed to gather Nuer in United States 2017-08-17 14:15:50 DECLARATION FOR THE FORMATION OF NUD TO BRING TOGETHER ALL NUER IN THE U.S.A Press Statement The Nuer Union For Development (NUD) The United State of America The State of Nebraska August 15, (...)


MORE

Copyright © 2003-2017 SudanTribune - All rights reserved.