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Friday, 20 October 2017

Arab Monetary Fund Anticipates Sudan Economic Promotion and Development

The Arab Monetary Fund (AMF} has anticipated development and promotion to Sudan economy and expected influx

of foreign investment in the coming stage, AMF has issued a report on the economic performance of the Arab countries within the couple of years 2017 -2018. The report attributed the development of economy in Sudan due to the lifting of US sanctions, the improvement of business in Sudan estimated to 5%.
Gold mining contributes regularly to increase the additional value and the lifting of the embargo is activating business movement in Sudan and enables companies and banks to exercise money transformation to Sudan, both the government and individuals can do business namely in agricultural, animal resources and gold sectors the matter that rise the production and the productivity.
The report has disclosed that Sudan managed to overcome the economic challenges since 2012 following the secession of South Sudan which affected the budget by losing three quarters of the oil income and increasing of debts.
Since 2016 Sudan has been suffering from the banning of regional and international banking activities till Jan. 2017, the priority is to control the both the public and private business movements.
Despite the development the report expected increasing of inflation percentage to %19 due to the expected rising of oil prices globally and the lack of foreign currency and its impact on the exchange rate. The Central Bank of Sudan has planned to set a new rate policies match Islamic Sharia and law to create a conducive atmosphere realize economic stability and to encourage investment, to improve treatment with Banks may decrease the volume of cash.
The continuation of Sudan monetary policy expansion reached to %27.3
While the credit totaled to 24%. The Banking expert Abdulmoneim Noor Eldeen has affirmed that the AMF report has focused on important issues which requires good plans and policies to coincide with all development funds “There is stability in rate exchange to Dollar between SDG16 to SDG17 in the lined market” said Noor Eldeen who continued to state that economic development means self sufficient and multi export products to improve the performance of the trade balance.
In his part the economic expert Al Kendy Yousif commented that AMF report based on figures to evaluate Sudan economic envelopment in the recent years. He also praised the legislative amendments to attract foreign investment volume which totaled to more than US$ 42Billion “It is a high time for AMF to issue such reports, because the international community and the Arab world believe that Sudan can secure world food particularly following the lifting of sanctions.