Sudan’s Finance Minister paints bleak economic picture

The Sudanese Minister of Finance has painted a bleak picture of the current economic situation, saying the country’s economy faced foreign, natural and political pressure, which has created a budget hole, and a $1.6 billion trade deficit, coupled with stagnation in non-oil exports except for gold. Minister Badreldin Mahmoud also acknowledged that US economic sanctions imposed on the country resulted in a near freeze in foreign aid and grants, in a report submitted to the parliament on Wednesday. The Minister of Foreign Trade, Osman Omar El Sharif disclosed in a separate report that the value of non-oil exports dropped last year from $3.11 billion to $3.07 billion. He also noted a decrease in trade volume between Sudan and the COMESA countries from $283 million during January-September 2012 to $135 million for the same period in 2013. Sudan’s exports to Arab countries decreased from $1.897 billion to $1.282 billion, while imports increased from $1.178 billion to $1.491 billion, thus turning the surplus into a $209 million deficit. (Source: Sudan Tribune) Photo by Mohamed Nureldin Abdallah/Reuters Related:‘Sudan in need of $5 billion’: economist (28 April 2014) ‘Corrupt’ Khartoum staff arrested; US Dollar rises to 9.3 Sudanese Pounds (25 April 2014) Sudan receives $1 billion deposit from Qatar (2 April 2014) ‘Corruption in Finance Ministry cause of sanctions on Sudan’: Adel Abdel Aziz (20 March 2014) Emirates, Saudi Arabia halt some imports from Sudan (17 March 2014)