Home | News    Thursday 14 May 2020

Sudan says in talks with IMF for fresh monitoring programme

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May 14 2020 (KHARTOUM) - The Sudanese finance minister Ibrahim al-Badawi disclosed today that they are in talks with the International Monetary Fund (IMF) to create a new Staff Monitoring Program (SMP) for the country

Sudanese Finance Minister Ibrahim al-Badawi speaks to AFP during an interview in Washington, DC, on October 22, 2019. (AFP)

An SMP is an informal agreement between country authorities and IMF to monitor the implementation of the authorities’ economic program.

The technical program does not, however, entail financial assistance or endorsement by the IMF Executive Board but would help the country mend ties with donors.

It is understood that al-Badawi sent a formal letter to the IMF requesting a fresh SMP agreement.

An IMF spokesperson reached by Sudan Tribune has yet to respond on whether the international financial body made a decision on Khartoum’s request.

Al-Badawi said that during the ’Friends of Sudan’ meeting hosted virtually by France last week saw IMF expressing its desire in beginning talks on SMP.

"The country determines its priorities and how to achieve it using IMF help," the Sudanese official said in a television interview on Thursday night to explain the program.

He added that they hope to fulfil any targets put forward by the IMF SMP teams within a six-month timeframe.

The Friends of Sudan conference said in its readout that the participants are interested "in the creation of conditions for the creation of an IMF staff-monitored programme".

Al-Badawi emphasized that implementation of macroeconomic reforms is key to normalizing ties with global financial institutions & address arrears owed by Sudan.

"We are in a deep hole with a debt of $60 billion. It is an astonishing amount. These arrears made Sudan lose $3 million daily in international grants over the last 30 years," he said.

The official went on to say that the IMF programme remains the only way that would allow Sudan to make use of a special mechanism adopted by the World Bank (WB) and African Development Bank (Afdb) to help clear arrears.

He noted that the government has already undertaken measures related to lifting subsidies as well as reviewing how to liberalize the exchange rate in line with IMF traditional recommendations.

The IMF said last March that the foreign exchange rate system in Sudan remains “highly distorted” and recommended liberalizing it.

In response to a question on removing Sudan from the US list of states that sponsor terrorism, al-Badawi said that this is a matter of time and noted the issue of settling terrorism-related claims for that to happen.

France has said it plans to host a high-level donor summit of different stakeholders to discuss debt relief once Sudan is removed from the list.

In its World Economic Outlook (WEO) released last month the IMF sharply revised its 2020 economic growth forecasts for Sudan from -1.2% to -7.2% and from -0.6% to -3.0% in 2021.

The inflation rate for 2020 was projected to be at 81.3% compared to an initial estimate of 66.4%. In 2021 it is forecasted to be 91.1% which was also far higher than the previous 74.5% figure.

The downward revisions were attributed mainly to COVID-19 pandemic.

(ST)

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  • 15 May 08:00, by Langbaar

    Our cloned so-called Arabs of North Sudan. try to attach your dirty selves to your so-called *IMF and World again* and hope, the South Sudanese resources would be used as your usual ’collateral to prop your evil asses up again’ like in 1999. Good luck fellows. Here in South Sudan, we have never sign up to the so-called IMF and the World Bank>>>>

    repondre message

    • 15 May 08:07, by Langbaar

      And this is precisely the reason our why the evil juus (so-called israelis), who owns *Wall Streets, IMF, World Bank, Eurobank, Bank of England, Bank of Scotland, Reserve bank of the US, Bank Ki kuu ya Kenya, reserve Bank of North Sudan, Uganda, Tanzania, South Africa and many central Banks around the world are own by your evil juus (so-called israelis) with their resources. The only reserve>>>>

      repondre message

      • 15 May 08:14, by Langbaar

        bank and resources which have never been usurped by the evil juus and their allies are our central bank of South Sudan and resources, central bank of Iran, North Korea, Part of China’s central bank in ’Shanghai’. Central bank of Venezuela, Cuba. Russia central Bank was taken by these vermin right after collapse of USSR, they went and set up their bank cartel shops in Russia and those shops they>>>

        repondre message

        • 15 May 08:22, by Langbaar

          went and set up in Russia are what they always use to bully the Russia federation all the times. We have been informing our lowly inform to be very careful of these banks: Kenya Commercial bank, Standard bank of Kenya or the UK, all the Arabs, evil juus (so-called israelis) banks, Nigerian Banks. We have investigated all these banks and the current war in our country and over people was>>>>

          repondre message

          • 15 May 08:26, by Langbaar

            financed by those banks I just mentioned above and other sleazy banks in *UAE, Saudi Arabia, Cayman Islands, Adis Ababa, South Africa, British virgin Islands, Panama and other shady offshore countries where these vermins often go and hide their loots in*>>>>

            repondre message

            • 15 May 08:34, by Langbaar

              Lowly informed South Sudanese fools. There are *no damn resources in Egypt, North Sudan, Eritrea, Abesh (so-called ethiopia), Djibouti, Somalia; Somalia has the longest coastline in East Africa, than North Sudan or Kenya*. Our country is where the damn resources are. And these resources are coveted by our enemies whom we are going to bomb out of map, reasons, pure HATRED and RACISM.>>>>

              repondre message

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