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 investment minister Mustafa Osman Ismail attends a news conference at the end of the International Donor Conference for Reconstruction and Development in Darfur, in Doha on April 8, 2013 (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 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.


Sudan Tribune

Promote your Page too

Latest Comments & Analysis


South Sudan: Justice remains elusive, one year on 2014-12-17 04:17:40 By Elizabeth Deng December 16 2014 - A year after the outbreak of violence in Juba last December, hopes of accountability for abuses linked to the conflict remain distant. Despite repeated calls (...)

President Salva Kiir has betrayed his people and the nation 2014-12-17 04:15:00 By James Gatdet Dak December 15, 2014 - After many painful decades of destructive war of liberation against successive oppressive regimes in Khartoum, people of South Sudan gained their hard won (...)

Sudan protects terrorists 2014-12-15 04:29:57 By Kimberly Hollingsworth* December 15, 2014 - Sudan used to be the heart of Africa; now, Sudan is the heart of international terrorist organizations. Sudan is the hub for training extremists. (...)


MORE








Latest Press Releases


Norway grants US $1.9 million for humanitarian needs in Darfur 2014-12-16 06:47:08 The United Nations World Food Programme (WFP) - KHARTOUM Norway helps provide nutritious food to malnourished families in Sudan 14 December 2014 KHARTOUM – The United Nations World Food Programme (...)

Darfur Association "disheartened" by ICC decision to not meet them 2014-12-14 05:50:13 12 December 2014 RE: DPANY Requests/Direction of the OTP in the Situation of Darfur Dear Prosecutor Fatou Bensouda, We, the Darfur People's Association of New York, are disheartened by your (...)

REDRESS calls for the immediate release of Sudan’s distinguished human rights lawyer 2014-12-10 09:02:53 December 9, 2014 ­­ — REDRESS, and many other individuals and organisations around the world, are extremely concerned by the continuing secret detention of Dr. Amin Mekki Medani. On Saturday, 4 (...)


MORE

Copyright © 2003-2014 SudanTribune - All rights reserved.