Sudan has agreed a roadmap to "rehabilitate" the country in a trilateral agreement with the World Bank, International Monetary Fund and African Development Bank.
The IMF revealed in a report in Dec. that “Economic conditions in Sudan remain challenging on the back of persistent fiscal deficits, high inflation, and low access to financing.”
“Bold and comprehensive reforms are needed to stabilize the economy and strengthen growth,” it added, noting that: “The expansion of social safety nets to support the reforms and improvements in the business environment and governance are crucial to unlocking growth.”
The report continued: “In 2018, economic activity contracted by an estimated 2.3 percent and GDP is projected to contract by 2.5 percent in 2019. Inflation increased to 60 percent in November 2019.
Representative of the World Bank stated that the aim of the visit was to achieve economic development in Sudan to integrate into the global markets, the International Monetary Fund, and the African Development Bank on a roadmap for the rehabilitation of the country.
Minister of Industry and Trade Madani Abbas Madani stressed the importance of the steps taken by the state in boosting confidence in the markets, achieving development, increasing production, protecting the investor, and developing the industrial and marketing sector through a clear strategic plan.
