Home | News    Monday 26 September 2016

World Bank urges Sudan to diversify its economy: report

separation
increase
decrease
separation
separation

September 25, 2016 (KHARTOUM) - The World Bank Group (WBG) has advised the Sudanese government to accelerate structural transformation and economic diversification in order to reach a more stable economic growth path.

JPEG - 33.4 kb
Employees pack refined sugar at the Kenana Sugar Company’s main plant, 270kms south of Khartoum on 14 May 2013 (Photo: Reuters/Mohamed Nureldin Abdallah)

Sudan’s economy was hit hard since the southern part of the country declared independence in July 2011, taking with it about 75% of the country’s oil output.

In its newest Country Economic Memorandum (CEM) for Sudan entitled “Realizing the Potential for Diversified Development” released on Sunday, the WBG pointed that Sudan needs to implement a combination of institutional, macroeconomic, and sectoral reforms to reach a more diversified, non-natural resource economy.

“Economic diversification is high on the Government of Sudan’s agenda”, said Michael Geiger, lead author of the report.

“While the authorities have succeeded in reducing inflation and slightly recovering from the negative growth rates of 2011 and 2012, more must be done to ensure a more stable medium-term outlook,” he added.

The report mentions a number of barriers that have been preventing Sudan from effective economic diversification including the “high and volatile inflation, a long overvalued exchange rate, low productivity in agriculture, among others”.

It proposed several measures to remove these barriers including “removal of exchange restrictions to unify the official and black market rates, increasing agricultural productivity through key policy changes, improving the management of natural resources rents, addressing broader business environment constraints and building human capital to support structural change”.

WBG Country Director for Ethiopia, Sudan and South Sudan, Carolyn Turk, pointed the report encourages Sudan to apply a set of direct and indirect approaches in order to “embark on the structural transformation necessary to accelerate inclusive economic growth leading to sustained poverty reduction”.

Xavier Furtado, WBG Country Representative in Sudan, for his part, said that Sudan needs to implement a road set of reforms to diversify its economy, saying the WBG would launch several initiatives to help the Sudanese government in this regard.

(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.
  • 26 September 2016 08:26, by Mohamed

    How can we diversify or even invest with these backbreaking sanctions?
    The World bank should also address this issue. Without resolving the sanctions, the Sudanese economy has no chance of recovery. Without economic recovery peace can not be realized as all wars are directly related to the lack of income generating resources.

    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


Ateny flip-flopping, where is his loyalty to President Kiir? 2017-01-15 07:57:11 By Chuor Deng Chuor The world knows that Ateny Wek Ateny is supposed to be the Press Secretary and official spokesperson of President Salva Kiir. but the reality of the matter is that Ateny has (...)

Obama’s promises and pledges for Darfur went unheeded with lifting sanctions 2017-01-15 06:43:31 By Mahmoud A. Suleiman Barak Obama's Lifting of Sanctions off the genocidal regime of the National Congress Party (NCP) in Sudan is based on weak, unconvincing, pretty flimsy excuses and very (...)

The Final Betrayal of Sudan: Partial Suspension of Sanction 2017-01-14 21:31:35 “The Final Betrayal of Sudan: Obama administration’s lifting of economic sanctions; UN Ambassador Samantha Power justifying the move, claiming a ‘sea change’ of improvement in humanitarian access” (...)


MORE






Latest Press Releases


Abduction of S. Sudan Chief Justice’s aide illegal, should be condemned 2017-01-16 05:27:50 FOR IMMEDIATE RELEASE 16th January 2015 Legal Watch Associates South Sudan has learned with shock and dismay the abduction of Mr Gama Thomas, an aide to the Chief Justice, Chan Reech Madut. (...)

Carter Center welcomes new regulations on humanitarian affairs 2017-01-12 07:53:16 The Carter Center ATLANTA, Januarg 11, 2017 – The Carter Center welcomes the recent regulations issued by the government of Sudan aimed at facilitating humanitarian relief throughout the country (...)

Nertiti massacre in Central Darfur exposes the criminal nature of Bashir’s regime 2017-01-03 11:54:47 Sudan Democracy First Group Nirtiti massacre in Central Darfur exposes the criminal nature of Bashir's regime 2 January 2017 On the first day of 2016, and only one day after President Bashir's (...)


MORE

Copyright © 2003-2017 SudanTribune - All rights reserved.