Sudan Neighboring Countries Expected to Support Foreign Exchange Reserves

SMC-

Sudanese Minister of International Cooperation Idris Suleiman announced on Sunday that he expected Sudan would receive foreign aid amounting to one billion Dollar this year.

“Sudan can regain its status as oil producer if 600 million Dollars have been invested in the production,” he said.

Since the signing of the peace agreement with the South Sudan Khartoum decided to compensate the loss of oil income after the expected secession of South Sudan in 2011 by increasing the gold production. However, smuggling is hindering its contribution to the economy as three quarters of the gold produced is smuggled abroad.

According to a report by the International Monetary Fund in October last year, “the economic conditions in Sudan remain challenging”.

In an attempt to halt the plummeting Pound on the black market, the Sudanese government raised the customs rate of the US Dollar from SDG 6.7 to an indicative SDG 18 in early January.