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Sudan Involves Foreign Investors in Budget Implementation

Sudan Involves Foreign Investors in Budget Implementation

Saturday, 6 January, 2018 - 11:30

The Sudanese government has been negotiating with foreign investors to carry out investments with Sudanese private sector to implement the country's economic goals, which were approved by the parliament in the 2018 budget.

The Sudanese National Assembly, parliament, approved Sunday the 2018 budget bill, which included targets for economic growth of four percent, compared with 4.6 percent last year.

The International Monetary Fund (IMF) expected growth for 2017 to come in at 3.25 percent.

Sudan seeks to increase its exports in 2018 from $3.9 billion to $6.1 billion, as reflected in the quantitative targets of the draft budget.

The country is looking to increase production of essential agricultural products, livestock products, gold and oil.

During his meeting in Khartoum on Thursday with newspaper editors in chief, Sudanese Minister of Investment Mubarak Fadel al-Mahdi talked about the involvement of foreign investors in the country's budget.

Mahdi did not give further details on how foreign investors would participate in implementing the budget targets, but he said they would enter into partnerships and alliances with the Sudanese private sector, which would implement the $6 billion plan and about 80 percent of the state's projects in the new year.

The government has agreed with Turkish investors, during their recent visit to Sudan within the 200-member business delegation, to participate in the contractual agriculture article with farmers, which tops the agricultural economic program in the budget, Mahdi explained.

He announced that the government has a joint vision with the private sector to increase production that will be implemented this year.

It is targeting the amounting of agricultural and livestock exports to 10 billion dollars at the end of the planned three years, Mahdi pointed out.

The Sudanese private sector is partnering with the government to implement a three-year development plan covering various economic sectors.

Chairman of the Federation of Employers Saud al-Barir said the cost of private sector business in the state investment plan was about $450 million.

The private sector will provide external financing and guarantees in case of receiving foreign payments, and it will take care of the costs of the studies.

He expected that Sudan will witness economic stability after the implementation of the plan, which will contribute to reducing the deficit in the trade balance.

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