President Omar al-Bashir on Monday announced a fresh raft of measures aimed at salvaging protest-hit Sudan’s deteriorating economy.
Addressing supporters in the northern city of Al-Abyad, al-Bashir announced his decision to eliminate value-added taxes on microfinance projects.
His government, he said, also planned to reclaim land allocated earlier to investors and “reallocate it to small-and medium-sized enterprises”.
Al-Bashir went on to announce that cost-plus financing at the country’s Islamic banks would be reduced to a maximum of 5 percent, down from between 12 and 15 percent previously.
He criticized the performance of banks strongly and said the review proved to be worse than any existing system of interest and cannot call it Islamic (because it works to maximize wealth when the owners and bankers approached the revolution and coup against the government because they are the product of a secular banking system).