Sudan Partners Forum discuss economic development

On Thursday, the Sudan Partners Forum held a meeting in Khartoum to address the country’s financial crisis. Finance Minister Ibrahim El Badawi asserted that they have a solid economic plan to address the financial problems in the country.

The international partners pledged to help the Sudan transitional government in its political and economic challenges and support its overall economic development plan.

Addressing the forum, UN Humanitarian and Development Coordinator Gwi-Yeop Son stated that the primary objectives of the forum are to help the transitional government in achieving its priorities in terms of peace, development, and stability. She further explained that the mission of the forum is to coordinate the promises of the international institutions and Sudan's partners to support the transitional period and to make the necessary arrangements to achieve Sudan’s priorities, within the government’s funding plan

‘Comprehensive economic redevelopment’

During the forum, Finance Minister Ibrahim El Badawi stressed that Sudan is counting on partners and friends to help overcome the current financial crisis and support its adopted plan for a comprehensive economic development, which is expected to be carried out within 10 years.

He verified that Sudan might receive support from international financial institutions that will facilitate foreign investments and improve the gross domestic product by 12 to 15 per cent in the budget of 2020.

The minister also stated that the Arab Fund for Economic Development has committed to help to strengthen the infrastructure, especially air transport, and investment in the field of horticulture and the production of Gum Arabic through foreign and Arab investments.

He added that his ministry has a clear economic plan based on internal national dialogue. He pledged that the government is committed to stopping the economic distortion and reforming the productive institutions that have been destroyed by the policies of the former regime over the last 30 years.

The economic plan focuses on five elements: achieving economic stability in the financial sector, peacebuilding, establishing a development fund to support the political process, and supporting the basic needs of the people in conflict areas, as well as UN humanitarian support.

The unemployment rates ranged from 45 to 50 percent of the population, mostly youth, he said.

‘Deep state’ behind inflation’

Last week, El Badawi accused the deep state of causing inflation and high prices in the black market. He explained that the former regime’s affiliates manipulate the currency market by buying a huge amount of hard currency. El Badawi attributed the rise in the exchange rates against the Sudanese Pound to the inflationary financing of the Bank of Sudan to buy and secure strategic commodities from abroad. “We are going to introduce new policies to reduce inflation stressing that we are adopting new financial policies to put an end to the ongoing inflation, but it needs some time,” he said.

Currently, foreign exchange rates continue to rise against the Sudanese pound, according to currency dealers in the black market, the dollar traded at SDG 80 for sale last week. The Saudi Riyal costs SDG 20.80. The Euro costs SDG 88.