The Sudanese Ministry of Finance and Economic Planning revealed that the budget for the fiscal year 2021 was based on implementing programs for building and sustaining peace and what was stated in the constitutional document for the transitional phase and peace agreements, and achieving sustainable development goals and programs, which require achieving the principle of transparency, accountability and financial discipline.
The Ministry of Finance indicated that the fiscal year 2021 budget comes in extremely complex circumstances due to the Corona pandemic, which increased the problem of the Sudanese economy, which suffers from structural imbalances that require prompt treatment. It also disclosed that these conditions have posed great challenges to the Ministry of Finance, represented by providing additional resources and adopting rational policies that compensate for the increase in government spending due to the pandemic, and work to stop the deterioration of economic conditions, and correct the macroeconomic path.
According to the Ministry of Finance, the most important financial policies in the fiscal year 2021 budget depend on developing and activating sources of revenue, by increasing the efficiency of collection, increasing the financial and tax effort of the state, reviewing customs and tax exemptions, reviewing the investment promotion law, and criminalizing tax and customs evasion. One of the most important policies for the new budget is to reduce the trade deficit in the budget to safe levels, and to control the overall deficit and public debt, provided that among the priorities of reform policies is to work to increase spending directed in favor of social protection, work to expand external financing outlets, and search for new formulas. To encourage joint investments, while controlling and directing borrowing from the banking system and fully adhering to the established rates.
Source (Asharq Al-Awsat Newspaper, Edited)
