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Sudanese revolution's success vital to overcome economic woes - experts

By Mohammad Abdulaziz

KHARTOUM, Sept 16 (KUNA) -- As Prime Minister Abdullah Hamdok vowed to build a strong economy for Sudan, experts said that the success of the Sudanese revolution and the holding of elections by 2022 would be vital to achieve the goals of prosperity and welfare for the country.
While the numbers are not promising with inflation reaching 53.13 percent in August and the Arab monetary fund predicting a 55 percent in inflation by the end of the year, Sudan will be at a crossroad to salvage itself from its economic predicament knowing that the country also suffers from a crippling USD 56 billion in foreign debt.
Sudan needs to garner international support namely from the US to lift itself from the list of countries supporting terrorism -- a step, which might enable Khartoum to be exempted from some of its debt.
The decision might also allow more cooperation with international monetary institutes.
Meanwhile, the Sudanese Finance Ministry announced that it would embark on a-three-stage plan to overcome the economic and financial problems.
Speaking to KUNA on the current predicament, economic expert Mohammad Abdelhameed said that reforms and restructuring were important to help Sudan go forward.
He added that other issues such as imposing political stability and bolstering security were as important to sail through the turbulent times.
Abdelhameed revealed that Sudan was in need of USD eight billion in foreign assistance in the upcoming two years to help rebuild the economy and provide liquidity to the central bank.
Finance Minister Ibrahim Al-Badawi revealed recently that Sudan opened a "dollar deposit" initiative, to be retrieved in three years' time, to help the national economy.
In regards to lifting the subsidies on bread, fuel, electricity, medicine, and other essentials, Prime Minister Hamdok said that the subsidies issue was a crucial one for the people of Sudan and hopefully a solution will come out soon to cover the needs of Sudanese.
Meanwhile, economic analyst Mohammad Al-Amin indicated that the government of Hamdok would have various challenges to overcome if it wants to reach the expectations of the people.
Short-term change will not be applicable in the current situation and will have minimal impact on the country, he affirmed.
Sudan has been suffering from economic turmoil since the majority of its production was lost in 2011 when the country of South Sudan declared independence after decades of civil war. (end) mam.gta