Improvement in economic relations with the Gulf: Sudan Finance Minister

04:55 PM Feb, 11 2015
Sudanese Online
SudaneseOnline News-Khartoum Sudan
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Sudan’s Minister of Finance and National Economy, Badr al-Din Mahmoud, stressed that there is significant economic improvement between Sudan and Gulf countries, revealing the increasing of the trade volume with United Arab Emirates UAE for about three billion dollars for Sudan.
In an interview with Al-Rai Al-A’am newspaper on Wednesday, Mahmoud stated that Sudanese economy is capable of absorbing shocks and coping with difficulties, denying sixed price for the customs dollar
The Minister noted that the country imports one third of its consumption of petroleum derivatives, noting that falling of oil prices globally reflects positively on Sudan
He disclosed the increasing of Sudan's debts to 46 billion dollars
Sudan’s external debt is estimated to have grown by 27% since 2008 from $32.6 billion to $41.4 billion in 2011. The IMF forecast that the debt level will reach $43.7 billion in 2012 and $45.6 billion in 2013. The latter represents 83% of Sudan’s 2011 GDP, which was $55.1 billion.
Sudan’s economy was hit hard since the southern part of the country declared independence in July 2011, taking with it about 75% of the country’s oil output
The IMF appeared critical of Sudan government for resorting excessively to the banking sector to finance its budget deficits saying it resulted in reserve money growing at 28% and subduing credit to other sectors of the economy.

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