Current Date:

Tuesday, 23 October 2018
 

Minister: Sudan is Witnessing Transition from Parallel Economy to Formal One

Khartoum- Minister of International Cooperation Dr. Idris Suleiman has disclosed that the Sudanese economy is witnessing now transition from parallel economy to formal economy as the government faces the challenges of entering into the international economic system following the lifting of the US economic sanctions that had been imposed on the country.
 The Minister said to Asharq al-Awsat newspaper that despite the bottlenecks that had occurred in the economy of the country recently, but the Sudanese economy is expected to achieve great development in 2018 as the government has for the first time worked out an economic plan of action that would shift Sudan from the parallel economy to a formal one, which is governed by laws and regulations.
The country’s budget for the current year has been mapped out according to these regulations, he explained.
The Minister pointed out that after the declaration of the lifting of the US economic sanctions on Sudan for months ago, the government has embarked on making contacts with all countries of the world and the international financial and donors institutions and found great response, noting that the procedures by international banks for establishment of relations need a long time, especially that the period of the sanctions had lasted for 20 years.