Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

Sudan passes 2020 budget with anticipated deficit of $1.62 billion

Published 29/12/2019, 22:31
Updated 29/12/2019, 22:37
© Reuters.  Sudan passes 2020 budget with anticipated deficit of $1.62 billion

© Reuters. Sudan passes 2020 budget with anticipated deficit of $1.62 billion

CAIRO (Reuters) - Sudan has passed its 2020 budget that includes an overall deficit of about 73 billion Sudanese pounds ($1.62 billion), Finance Minister Ibrahim Elbadawi said on Sunday.

The country's ruling sovereign council and Cabinet agreed the budget - the country's first since the toppling of longtime ruler Omar al-Bashir, whose final years in power were marked by deep economic woes.

The budget has expected revenues of 568.3 billion Sudanese pounds ($12.63 billion) and also includes increased spending for healthcare and education.

"This is a budget of peace, it bodes for peace," Elbadawi said.

Sudan's current government has made peacemaking with rebels fighting Khartoum one of its main priorities as it is a key condition for the country's removal from the U.S. list of sponsors of terrorism.

That designation has left Sudan unable to tap the International Monetary Fund and World Bank for support.

Sudan's economy was hit hard when the south of the country seceded in 2011, costing it three-quarters of its oil output, a crucial source of foreign currency.

Inflation soared in recent years, driven by rising food and beverage prices and compounded by a black market for U.S. dollars.

Shortages of bread and fuel, both subsidized by the government, coupled with hefty price rises sparked protests that ultimately led to Bashir's ouster in April.

The transitional government also studied a proposal to lift subsidies in 2020, but Information Minister Faisal Saleh said it ultimately decided to postpone the proposal until at least March when the country plans to hold an economic forum.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.