Current Date:

Tuesday, 23 October 2018

Business Vision: New Policies to Generate Remittances

Sudan economic opportunities has alternatives to be exploited and invested

, Sudan human resources considered as a main economic factor, millions of Sudanese experts in different areas are working abroad, they contribute both regional and global business.
According to the media report that the volume of remittances in 2011 about US$ 7 billion, more than the oil revenue before the secession of the South, many challenges and obstacles face remittances investment, billions of dollars circulates illegally, out of the banking system, the matter that affect economic performance economic institutes conducted a serial of debates, seminars, symposiums and conferences to generate information and find solutions to the economic issues related to Sudanese working abroad,
This challenges removed by coordination between the Ministry of Foreign Affairs and Sudanese Working Abroad Bureau, to set new plans to attract expatriates and to encourage them to transact hard currency, many countries depends on remittances to fund budget and to increase revenue, the stability of the rate exchange is required to generate more remittances, comparative advantages needed to provide incentives.
Millions of dollars invest in neighboring countries; the financial policies must be regulated and organized.
The estimated volume of the current remittances is US$ 11 billion. How to change this figure in to business and development? What type of policies we need? If we answered these two questions, the country would solve the hard currency scarcity and crisis.
Banking transactions law must authorize the recipients to receive in hard currency, to give more freedom to run business.
The utilizing of remittances is the alternative to fight against illegal rate exchange business, the huge amount of remittances can fill the gap of serving infrastructure and development projects, it can support education, health, water and contribute to curb poverty and to realize social balance and to achieve sustainable peace.