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IMF: ‘Bold and comprehensive decisions, reforms needed to stabilise Sudan economy'

December 25 - 2019 KHARTOUM
File photo
File photo

The International Monetary Fund (IMF) office in Sudan says that Khartoum needs to take bold and comprehensive decisions and reforms in order to stabilise the economy and reverse the declining growth in the country, considering that the economic conditions are still difficult due to the persistent financial deficit, high inflation and weak opportunities to obtain financing.

On Monday evening, the IMF mission ended its consultations for the fourth time with Khartoum where it expressed its hope that the political change in Sudan will provide an opportunity to implement the necessary reforms that address large macroeconomic imbalances and create the conditions for achieving continuous inclusive growth.

It stressed the importance of launching growth and expanding social safety nets to support reforms and improvements in the business and governance environment.

It noted that expanding the social safety net and initially focusing its assistance will be key factors to help mitigate potentially difficult reforms for vulnerable segments of society.

The IMF team developed proposals to mitigate current conditions, including exchange rate liberalisation, revenue mobilisation and the gradual lifting of fuel subsidies, and a significant increase in social transfers to mitigate the impact of the correction on vulnerable groups, along with a focus on structural reforms in anti-corruption measures, improving governance and the business environment in order to maintain macroeconomic stability, and enhance inclusive growth.

Sanctions

Washington’s refusal to remove Khartoum from the state sponsors of terrorism list will slow Sudan’s transition to democracy and could undermine it, according to an op-ed by Hala Al Karib and El Sadig Hassan.

The downward slide of the Sudanese Pound (SDG) against major international currencies is showing no signs of recovery, in spite of pledges and efforts by the transitional government and Prime Minister Hamdok.


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