SUDAN NEWS ALERT: Sudan Tribune - Sudan does not expect immediate improvement in its economy: minister

21/10/2020: Sudan Tribune - Sudan does not expect immediate improvement in its economy: minister

 Sudan Tribune reports that Sudan’s Minister of Finance, Hiba Mohammed Ali, said that a quick improvement of Sudan’s economic situation is unexpected, following Sudan’s removal from the US State Sponsors of Terrorism list.

 Ali said that while Sudan now benefits from the ease of banking and cash transfers, the exchange rate must still be adjusted so that expatriates are incentivised to send remittances through official channels. She noted that there are currently five exchange rates in Sudan.

 Nonetheless, she said that Sudan’s delisting enables grants by international institutions to finance development projects without US objections, and that Sudan may now cooperate directly with various institutions to purchase basic commodities after it was buying it at a high price through intermediaries.

 Once Sudan finalises the Heavily Indebted Poor Countries (HIPC) process, it would get $ 1.7 billion annually, she added.