Sudan’s Al-Bashir issues measures to boost economy

Sudanese President Omar al-Bashir on Monday declared a number of measures to improve the country’s economy which has been suffering from weak revenues due to losing the oil resources following the secession of South Sudan in 2011.

“There are a number of economic measures to achieve economic development,” al-Bashir told the Sudanese National Assembly (parliament).

“These measures include working to preserve the exchange price of the national currency, boosting the balance of payments, increasing the production, developing the non-oil exports, particularly minerals, and expanding the strategic partnerships for better utilization of the agricultural areas,” he noted.

He went on saying “we are seeking to achieve a leap in animal production by 2016, explore and produce natural gas and provide petroleum needs.”

The Sudanese president further vowed to improve his country’s external relations on bases of common interests and non-intervention in the internal affairs of others, and enhance the economic partnerships with Arab countries, China, Russia, Turkey and India.

He promised to continue the dialogue with Europe and the U.S. to lift the sanctions, exempt the debts and unfreeze Sudan’s due developmental subsidies.

The current round of the Sudanese parliament is scheduled to last for three months during which a number of laws and legislations would be approved in addition to the endorsement of the country’s general budget for the fiscal year 2016.

The secession of South Sudan in 2011 has greatly affected the Sudanese economy where the country lost around 70 percent of its oil revenues which created a big gap in the foreign exchange market and the exchange rate.

The separation has also affected the revenues of the country’s general budget which dropped to around 50 percent, causing a huge gap in the country’s budget and a great rise in deficit.

The Sudanese government has earlier adopted a package of economic measures to revive the economy including an increase in the oil prices, but those measures have not prevented the Sudanese pound from declining against foreign currencies, with exchange price of a U.S. dollar amounting to 10 Sudanese pounds in the parallel market compared to the official price of 6.6 pounds.

SOURCE -: http://ift.tt/1OEK0yu