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Sudanese Pound continues slide despite economic revival plans

November 4 - 2019 KHARTOUM
File photo
File photo

The value of the Sudanese Pound (SDG) continues to drop against major international currencies, despite plans to revive the country’s shattered economy with assistance from the international community.

On Sunday, the Dollar cost SDG 78 after trading for SDG 77 at the end of last week. The Saudi Riyal is trading for SDG 6.20 UAE Dirham at SDG 21, and a Euro costs SDG 88.

It seems that the Forex market has yet to respond to announcements last week by Sudan’s Finance Minister, Ibrahim El Badawi, of plans to revive the Sudanese economy after an agreement with the international community on a roadmap starting with a programme to rehabilitate the Sudanese economy by providing financial support without paying foreign debt arrears.

Central Bank of Sudan (File photo)

In this regard, he announced efforts to tackle Sudan’s foreign debts before the end of next year, amounting to more than $ 50 billion.

He also referred an agreement with the friends of Sudan to finance the 2020 budget through twenty approved projects.

Rehabilitation of Sudan economy

As previously reported by Radio Dabanga, The Sudanese Minister of Finance and Economic Planning, Dr Ibrahim El Badawi, announced that an agreement has been reached with the Friends of Sudan about debt relief and the country’s 2020 budget.

Upon his return from the USA on Thursday, the Minister told reporters at Khartoum International Airport, that his visit to Washington may be considered a major achievement for the country.

Executive Director of the International Monetary Fund, Kristalina Georgieva and
Sudanese Minister of Finance Ibrahim El Badawi in Washington, Oct 30, 2019 (SUNA).

 

He said that international monetary institutions agreed on a roadmap for the rehabilitation of Sudan, to begin with an economic programme to stabilise the macro-economy.

The 2020 National Budget will be financed by the Friends of Sudan, El Badawi reported. He explained that the budget will be based on the UN Sustainable Development Goals, “with a focus on education, health, and social services”.

According to the agreement, the budget will be based on macroeconomic stabilisation, reliance on available resources, and strengthening of monetary and exchange rate policies.

In addition, Khartoum will not have to pay any of its huge debts next year, but will engage in negotiations on debt relief with the World Bank and the African Development Bank scheduled to begin March. The negotiations will be based on Sudan’s sustainable development programme.

El Badawi further announced that Prime Minister Abdallah Hamdok will soon travel to the USA for meetings with Congress members, government officials, and the President of the World Bank.

He further said that the next meeting of the Friends of Sudan will be held in Khartoum in the first week of December. A donor conference is planned to take place in April next year.

European Union

Sudan’s Prime Minister Abdallah Hamdok meets with the high-level delegation from the European Union
in Khartoum last week (SUNA)

 

On Wednesday, PM Hamdok and Foreign Minister Asmaa Abdallah received a high-level delegation from the EU in Khartoum. The delegation led by the Deputy Secretary General of the European Union External Action Service, Jean-Christophe Belliard, the EU Director General for International Cooperation and Development, Koen Doens, and the EU Special Representative for the Horn of Africa, Alexander Rondos, pledged a total of €466 million in support grants to assist the government with the transition in the country.


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