Finance Minister: Arab Ministers benefit from experiences of Sudan in pro-poor reform

07:04 PM February, 27 2016

Sudanese Online
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KHARTOUM, Feb. 26 (SUNA) - The Minister of Finance and Economic Planning Badr-Eddin Mahmoud Abbas has affirmed that the Arab Finance Ministers, participated in the Public Finance Forum held in the United Arab Emirates (UAE) during February 22-23, benefited from the experience of Sudan in the field of financial reform, which cared for the poor and vulnerable segments of the society, reduced poverty and achieved the desired social balance.
The minister stressed the positive impact of the forum in the exchange of experiences and expertise as to avail opportunities for the makers of economic policies to benefit from the experiences of Arab and international funding institutions, referring to the positive outcome of the forum in the correction of policies and adoption of new others to support the reform and help to overcome the challenges facing the Arab region.
Abbas said, after his return home, that the forum discussed the general financial hub in the Arab states under the trauma experienced by the region in light of the global and regional developments that have affected the region's economies and expectations of a loss of the petroleum exporting countries to about $ 340 billion a year of their income as well as its impact on declining of foreign exchange needs and the public finances in general, and on the future balance.
The minister also reviewed, during his participation in the forum, the experience of Sudan in the comprehensive economic reforms including all aspects of the economy and not only the public finance, stressing importance of taking into account the sustainability of growth to address such shocks, beside the need to control the monetary sector, the external sector and development financing within a comprehensive programme.
The minister pointed out to the tax reform experience and compensation of the loss of oil revenues following the secession of the south Sudan, explaining ways of implementing the restructuring support taking into account the vulnerable segments, strengthening of safety and social security networks to avoid the economic reform impact. He said that he presented Sudan experiences in the field of Zakat as revenues directed toward social spending.
The Minister of Finance pointed out to the participation of more than 8 Arab finance ministers, about 4 deputy ministers and a group of experts in the field of public finance as well as to the officials of the International Monetary Fund (IMF), headed by its Executive Director and its official of East and North Africa Department.
BH/BH


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