Current Date:

Sunday, 01 April 2018

New Economic Policies

To improve the economic situation is a key target and significant objective to the Ministry of the Financial and National Economic

, the minister has stated that the new year (2018) the inflation will be decreased according to the Central Bank of Sudan Monetary policy, the implementation of the good economic program based on the CBoS, Ministries of Finance and Trade.
The governor Hazim Abdalgader of the CBoS figured out that 2018 budget has main objectives which focused on stability of prices, rate exchange, increasing of the production and productivity and achieving development rate to 4%, these aims were coincided to the 2018 objectives, also the governor informed that Safety of the Banking System is one of the targets.
While the Monetary and funding policy is to control and monitor the rapid increasing of the inflation which totaled to 34%, the policy is to reduce it to 19.5%, this need mobilization of local resources.
The challenge is how to fill the gap between exports and imports in the Trade balance Sheet, the minister pointed out that the only solution to the rate exchange crisis is to create sustainable production, the funding of productive institutions can fill the gap and stabilize the rate exchange. The second way is to adopt austerity polices to reduce hard currency demand and to increase exports, Sudan has a huge amount of gold, but it the ministry of finance and the CBoS don’t exploit this potentials, the gold traders smuggle thousands of tons abroad, to ged rid of this problem the governor told media that an attractive prices werem set to buy the gold from those who run business in the conventional mining. Also the new policies support agricultural projects and encourage exporters.
The Ministry of Finance:
The minister of Finance AL Rikabi informed media that poor people will get a consideration through micro, finance system, the exemption of the basic commodities from taxation. We need to activate laws and to organize local and international trade, the minister stated that Sudan economy has been affected by the US sanctions and the secession of the South which affected 80% of the budget, the minister worried about the lack of Sudanese economic integration to the regional and international economies, the coming phase is to solve the problem of transactions  to attract investors.
The Ministry of Trade:
The Ministry of trade is responsible for monitoring the trade movements and the stability of prices, the minister of trade Hatim Al Sir has vowed to monitor the prices to issue decisive orders to punish those who violate laws and regulations.
No justification to the increasing of the prices, Hatim told that no taxation or customs imposed on the services like education and health or to industrial and agricultural sectors.
Private Sectors:

The business houses and the private sectors participated effectively in the 2018 budget, the private sectors represents 90% of the economic activities in the country, the partnership between Public and private sectors realize the objectives of the national economic policies.
The private sector concerns with the agricultural and industrial export, the representative of Sudanese Business House Wagdi Margani briefed on the plan prepared by the private sector to develop and improve exports production. The ministers of economic sector discussed the plan.
The plan encouraged the agricultural pilot projects, the plan targeted about nine basic commodities such as cottons, animal resources, vegetables, oil seeds and fruits to be exported within the next three years.
The idea is to expand in production of theses things vertical and horizontal, Wagdi assured that the exports policy based on the industrial and agricultural productive groups.