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News and Press ReleasesExpert: Economic catastrophe will affect stability in Sudan

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Expert: Economic catastrophe will affect stability in Sudan

05-04-2018, 00:36 AM
Radio Dabanga
<aRadio Dabanga
Registered: 03-30-2014
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Expert: Economic catastrophe will affect stability in Sudan

    00:36 AM May, 03 2018

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    May 3 - 2018andnbsp;KHARTOUM
    Central Bank of Sudan (File photo)
    Central Bank of Sudan (File photo)

    Economic expert Prof Hasan Bashir has warned that the current economic crisis will lead to a catastrophic situation and increasing social tension that will affect stability in Sudan.

    Prof Bashir, a professor of economics at Sudan’s El Nilein University, said in an interview broadcast on Radio Dabanga today, that “the economic scene in the country is chronic to a large extent and there are no signs of dealing with the crisis”.

    He predicted exacerbation of the crisis by the holy month of Ramadan and the upcoming agricultural season.

    Prof Bashir considered that the agricultural season is a pivotal point in the Sudanese economy and warned of the serious effects of its failure.

    He conditioned for the reduction of the catastrophic effects of the current crisis the success of the upcoming agricultural season by more than 75 per cent to ensure food and social security and to provide exports of sesame and livestock.

    ‘2018 budget a blow to Sudanese economy’

    The economist said that “the budget of 2018 was a blow to the Sudanese economy, pointing to raising the indicative Dollar price without taking into account the need to provide reserves of foreign currency to meet the increasing demand for liquidity, in addition to raising the indicative price and the rising of the Dollar in the parallel market.”

    He explained that the secession of South Sudan has caused a shock to the Sudanese economy with the exit of oil from the budget which was covering 95 percent of foreign exchange and 51 per cent of the budget.

    “Prof Hasan Bashir: the Sudanese economy is living in an unprecedented predicament and contraction"

    Prof Bashir said that “the Sudanese economy is living in an unprecedented predicament and contraction, pointing to the rise of prices, lack of fuel, liquidity and production inputs for the agricultural season and scarcity of medicines.”

    He explained that “this is the worst case of any economy in the world…. The government remedies for the crisis as untimely and wrong. The reduction of liquidity has caused deepening of the crisis and affected the purchasing and importing power. The economy of Sudan depends mainly on imports for consumption and production, especially in the agricultural sector.”

    Prof Bashir highlighted that “the recent measures have contributed to the exacerbation of stagnant inflation which led to rise of prices with geometrical progression, decrease of purchasing power and erosion of savings”.

    He said that the way out for the Sudanese economy is addressing the roots of the crisis by restructuring the Sudanese economy, intensifying investment in the real production sectors, restoring the internal front by reducing spending on security and defence, stimulating the economy in the peripheral production areas and interest in foreign relations at the regional and international levels so as to improve the investment aspects.

                  

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