World Bank, IMF Pledge to Support Economic Reform in Sudan
The International Monetary Fund (IMF) and the World Bank have pledged to provide technical assistance to Sudan in the implementation of the economic reform program, which has been launched recently by the newly formed government.
This came on the sidelines of the IMF-World Bank annual meeting, which took place recently in Bali, Indonesia.
Sudanese President Omar al-Bashir last month dissolved the government and formed a new one, headed by Prime Minister Moataz Mousa.
The new government aims to implement reform measures to prevent a worsening of the current economic crisis in the country.
Sudan suffers from accumulated inflation rates and deterioration in the value of the local currency with a clear lack of liquidity in the banking sector.
The government has recently set up a mechanism (market makers) to set a free dollar exchange rate against the Sudanese pound, in an effort to control the parallel market for currency trading.
Sudan's reform programs also include improving export competitiveness, rationalizing imports and providing more incentives for gold and export activity.
During the Bali meetings, discussions were held between head of the Sudanese delegation, minister of state at the ministry of finance, deputy director of the IMF, vice-president of the World Bank for Africa, vice president of the Investment Finance Corporation (IFC) and directors of the Arab Monetary Fund.
The Minister of State at the Ministry of Finance, Planning and Economic Affairs Musallam Ahmed Musallam told Asharq Al-Awsat that the Sudanese delegation emphasized the country's keenness to restore Sudan's relations with international banks.
He pointed out that the World Bank and IMF’s administrations affirmed their commitment to work on increasing Sudan’s chances to receive grants for the development of social services, especially in the fields of education, potable water and health.
The grants Sudan aims at receiving will also be deployed to improve human capital indicators and public revenue, develop the collection and payment system and enhance public expenditure management.