عربي English Türkçe اردو فارسى
Logo
Latest News
Business

Sudan’s Economy Shrinks 2.1% in Q2 2019

Sudan’s Economy Shrinks 2.1% in Q2 2019
TT
20
TT

Sudan’s Economy Shrinks 2.1% in Q2 2019

Sudan’s Economy Shrinks 2.1% in Q2 2019

A report on the Ministry of Finance and National Economy’s performance for Q2 2019 revealed a budget deficit of 16 billion Sudanese pounds ($355 million), with revenues of 61.8 billion pounds ($1.37 billion) and expenditures of 77.8 billion pounds ($1.37 billion).

The growth rate has also declined to negative 2.1 percent.

Undersecretary of the Ministry of Finance and Economic Planning Dr. Abdul-Moneim al-Tayeb told Asharq Al-Awsat that 2019’s budget has faced challenges, notably weak revenues, lack of strategic goods and means to pay workers’ salaries.

He explained that the 77.8 billion pounds spent were allocated for strategic goods and salaries and to face the liquidity crisis that has been sweeping the country for more than a year now.

The 2019 budget has targeted achieving a growth rate by the end of this year in the range of 5.3 percent.

However, the International Monetary Fund’s (IMF) economic outlook report has confirmed the decline in April to negative 2.1 percent despite Sudan’s nomination by several institutions, which expected growth in the country by up to five percent this year.

The World Bank said in a report in April Sudan’s GDP in 2019 is expected to grow by 3.1 percent in line with the forecasts of equal economic growth in sub-Saharan Africa.

The Bank said in its June Global Economic Prospects’ report that the country’s GDP growth will continue over the next two years, rising by 2.6 percent in 2018 to 3.1 percent in 2019 and 3.5 percent in 2020.

However, the latest data from the Arab Monetary Fund (AMF) indicated that the GDP growth of Sudan's economy shrank to negative 2.1 percent in 2018 and worsened to negative 2.3 percent for the current year 2019.

It also expected some improvement within the circle of contraction by a negative 1.3 percent in 2020.

Inflation also rose in the country to 52.59 percent in July, compared with 47.78 percent in June and 44.95 percent in May.

Economic Professor at the University of Expatriates Mohamed al-Nayer, for his part, told Asharq Al-Awsat that the Sudanese economy has faced a series of challenges during the last three decades that affected its growth potential and macroeconomic balances.

Most Viewed

 
Business

Riyadh, Ottawa Launch Foreign Investment Agreement and Reactivate Joint Commission

The Saudi Minister of Investment meets with the Canadian Minister of Trade. Asharq A-Awsat
The Saudi Minister of Investment meets with the Canadian Minister of Trade. Asharq A-Awsat
TT
20
TT

Riyadh, Ottawa Launch Foreign Investment Agreement and Reactivate Joint Commission

The Saudi Minister of Investment meets with the Canadian Minister of Trade. Asharq A-Awsat
The Saudi Minister of Investment meets with the Canadian Minister of Trade. Asharq A-Awsat

Saudi Arabia and Canada have launched negotiations on a Foreign Investment and Protection Agreement in the Canadian capital, Ottawa, a move reflecting the shared commitment to strengthening bilateral economic relations.

The talks coincided with a visit by a high-level Saudi delegation led by the Minister of Investment, Eng. Khalid Al-Falih, during which both sides announced the reactivation of the Joint Economic Commission.

These developments are gaining significant momentum, supported by Canada’s endorsement of Saudi Vision 2030 and the two countries’ willingness to expand their economic partnership across vital and non-oil sectors.

The Canadian Ambassador to Saudi Arabia, Jean-Philippe Linteau, told Asharq Al-Awsat that Canada was thrilled to welcome Al-Falih.

“His meetings with Prime Minister Mark Carney, Minister of Trade Maninder Sidhu and Foreign Minister Anita Anand, as well as with senior Canadian business leaders, were a clear illustration of Canada’s desire to grow the economic partnership between Saudi Arabia and Canada,” said Linteau.

The diplomat added that “there is growing momentum because of Canada’s support for the Kingdom’s Vision 2030 goals and the visit helped advance key engagement on trade and investment as well as partnerships in sectors such as education, mining, AI and infrastructure.”

In 2024, Saudi Arabia was Canada’s largest merchandise trading partner in the Middle East. Two-way merchandise trade between the two countries in 2024 was valued at approximately $4.1 billion.

Over 150 Canadian companies are active in Saudi Arabia, offering competitive solutions in artificial intelligence and frontier technology, healthcare, infrastructure, mining, defense products, and creative industries.

During their meeting in Ottawa, Sidhu and Al-Falih announced the launch of negotiations for a Foreign Investment and Protection Agreement between Canada and Saudi Arabia. They also announced the reactivation of the Joint Economic Commission, a treaty-based mechanism to promote trade and economic initiatives of mutual benefit.

Sidhu and Al-Falih welcomed the October 23 signing of a memorandum of understanding between Export Development Canada and the Saudi EXIM Bank.

The increased partnership between Canada and Saudi Arabia will boost business opportunities, increase bilateral trade and unlock export opportunities and investments in Canadian and Saudi Arabian companies alike.

The two ministers also discussed future strategic sector partnerships between Canadian and Saudi Arabian companies, including in the areas of artificial intelligence and frontier technologies, healthcare, infrastructure, mining, defense, and creative industries.

They also met with business leaders and industry stakeholders, participated in a business round table with Invest in Canada and focused on deepening Canada-Saudi relations by highlighting commercial success stories between Canadian and Saudi companies.

“Saudi Arabia is an important market for Canada as our largest bilateral merchandise trading partner in the Middle East. We’re committed to advancing economic cooperation and mutually beneficial investment opportunities to foster greater commercial prosperity for Canadians and Saudis,” Sidhu said in a statement.

“I look forward to strengthening the relationship between our two countries and promoting continued cooperation for our businesses, industries and workers,” he added.

Business

Egypt Inflation Accelerates to 12.5% in October 

A huge banner hangs off a building along the ring road, advertising the opening of the Grand Egyptian Museum (GEM) in Giza, as vehicles drive towards the southwestern outskirts of the capital Cairo on November 1, 2025. (AFP)
A huge banner hangs off a building along the ring road, advertising the opening of the Grand Egyptian Museum (GEM) in Giza, as vehicles drive towards the southwestern outskirts of the capital Cairo on November 1, 2025. (AFP)
TT
20
TT

Egypt Inflation Accelerates to 12.5% in October 

A huge banner hangs off a building along the ring road, advertising the opening of the Grand Egyptian Museum (GEM) in Giza, as vehicles drive towards the southwestern outskirts of the capital Cairo on November 1, 2025. (AFP)
A huge banner hangs off a building along the ring road, advertising the opening of the Grand Egyptian Museum (GEM) in Giza, as vehicles drive towards the southwestern outskirts of the capital Cairo on November 1, 2025. (AFP)

Egypt's annual urban consumer price inflation rose more than expected to 12.5% in October, ending a four-month downward trend, data from statistics agency CAPMAS showed on Monday.

The median forecast had been for inflation to rise to 12% in a poll of 14 analysts, some of whom cited an increase in fuel prices and a new law allowing landlords to raise rents. The inflation rate rose from 11.7% in September.

Month-on-month, prices rose by 1.8% in October, CAPMAS said. Food and beverage prices rose by an annual 1.5% and by a monthly 1.2%, it said.

The government on October 17 increased the price of a wide range of fuel products by nearly 13%.

A new law letting landlords raise monthly rents took effect in early August, applicable with the first subsequent rent payment. This means the first increases would have been reflected in September inflation figures.

The annual inflation rate has plunged from a record 38% in September 2023, helped by an $8 billion financial support package from the International Monetary Fund in March 2024.

M2 money supply growth, at an annual 22.9% in September, was little changed from August, central bank data showed.

Slowing inflation prompted Egypt's central bank to cut its overnight lending rate by 100 basis points on October 2, following an August 28 cut of 200 basis points, this year's third and fourth reductions.

Business

Sharaa, Georgieva Discuss Syria’s ‘Economic Transformation’

This handout picture released by the Syrian Presidency's Telegram page, shows Syria's President Ahmed al-Sharaa (L) and Syrian Foreign Minister Asaad al-Shaibani, (2nd-R) walking with International Monetary Fund (IMF) Managing Director Kristalina Georgieva ahead of their meeting in Washington D.C. on November 9, 2025. (Photo by Syrian Presidency Telegram Page / AFP)
This handout picture released by the Syrian Presidency's Telegram page, shows Syria's President Ahmed al-Sharaa (L) and Syrian Foreign Minister Asaad al-Shaibani, (2nd-R) walking with International Monetary Fund (IMF) Managing Director Kristalina Georgieva ahead of their meeting in Washington D.C. on November 9, 2025. (Photo by Syrian Presidency Telegram Page / AFP)
TT
20
TT

Sharaa, Georgieva Discuss Syria’s ‘Economic Transformation’

This handout picture released by the Syrian Presidency's Telegram page, shows Syria's President Ahmed al-Sharaa (L) and Syrian Foreign Minister Asaad al-Shaibani, (2nd-R) walking with International Monetary Fund (IMF) Managing Director Kristalina Georgieva ahead of their meeting in Washington D.C. on November 9, 2025. (Photo by Syrian Presidency Telegram Page / AFP)
This handout picture released by the Syrian Presidency's Telegram page, shows Syria's President Ahmed al-Sharaa (L) and Syrian Foreign Minister Asaad al-Shaibani, (2nd-R) walking with International Monetary Fund (IMF) Managing Director Kristalina Georgieva ahead of their meeting in Washington D.C. on November 9, 2025. (Photo by Syrian Presidency Telegram Page / AFP)

Syrian President Ahmed al-Sharaa met during his visit to Washington with International Monetary Fund chief Kristalina Georgieva to discuss Syria’s “economic transformation.”

“It was a privilege to welcome President Ahmed al-Sharaa to the IMF. We discussed the economic transformation Syrians need & deserve—which his government is making possible,” Georgieva said on X on Sunday.

“I reiterated IMF's readiness to help, including through our existing technical support for key institutions,” she added.

US President Donald Trump is set to welcome al-Sharaa on Monday in the first-ever visit by a Syrian president to the White House.

Also Sunday, al-Sharaa met with the Syrian community in Washington, D.C., attended by Foreign Minister Asaad al-Shaibani and US Special Envoy to Syria Tom Barrack.

During the meeting, al-Sharaa highlighted the important role of Syrians abroad in maintaining strong ties with their homeland, conveying Syria’s true image, and defending its just causes. He praised their efforts and initiatives as demonstrations of deep belonging and pride in their nation.

For his part, al-Shaibani thanked the community for its contributions and role in supporting the homeland from abroad, stressing that the government
keeps channels of communication open with Syrian expats.

Barrack also delivered remarks, commending the Syrian community’s role in strengthening relations between Syria and the international community.