The transitional government of Sudan has launched a nine-month economic rescue plan to stabilize the economy, Finance Minister Ibrahim Elbadawi said.
ElBadawi explained that "the measures will include rationalization of spending and address inflation," pointing out that "support prices of bread and gasoline will continue until June 2020." He also pointed out that "the Prime Minister of Sudan will ask for two billion dollars support from the World Bank during his current visit to New York."
He added: Sudan asked the World Bank to lend it three Sudanese experts to work in the country during the political transition with the financing of their mission.
ElBadawai sees that "Sudan urgently needs between one billion and two billion dollars to be available as a reserve of cash in the central bank to help stop the deterioration of the exchange rate of the pound."
Sudan has been in economic turmoil since losing most of its oil production in 2011, when South Sudan seceded after decades of civil war. Sudan has devalued the pound several times but failed to prevent it from collapsing. The dollar is currently 65 pounds in the black market against the official rate of 45 pounds.
Source (Alarabiya.net, Edited)
