Sudan Foreign Debts and Solution Vision

SUNA

Khartoum – The volume of Sudan foreign debts was estimated to nearly $58b, according to the latest official statistics.
The Sudan’s original debts, ranged ‘’between’’ $17b to $18b. While the rest of   the debts, considered interest rates and penalty fees.
The penalty fees, and interest rate, were more than double of the original debt. The accumulation of Sudan’s debts, has started since 1958.
Professor Al Tayeb Ahmed Shumo, who headed, Economic Department, at Faculty of Social Economics Studies, University of Khartoum, said foreign debts, are connected to classification of countries, suffering from heavy burden of debts.
He said, Sudan approached European Union, to get its debts be written off. and be offered rescheduling exemption.
But there has been no complete writing off debts, said professor Shumo, adding that there will be long term concessions with nominal interest rate.
The only way out for Sudan, is to exploit its resources, in an efficient way, particularly gold, professor Shumo said.   He explains that,gold mining process, is relatively cheaper, than other mineral resources.
Furthermore,   he called for establishing markets for gold, Gum Arabic, sesame, and animal resources.
Another economist, named Taha Hussain, said inclusion of Sudan name in USA state department list, of countries harboring terrorism, has weakened Sudan annual budgetary.
It also, deprived the state, from concessions offered to other countries, by international financial funds.
He said, if Sudan’s name was lifted from the list, it will be able to make a real economic reforms, and maintains marketing, to its agricultural products, at international markets.

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