People in Sudan these days are talking about the economic situation, they ask questions, how does the transitional government run the economic issues? From where does it mobilize revenue? And the economic impact of the World Bank prescriptions on the livelihood of people?.
The transitional government based its plans and policies on external funds and grants, the Prime Minister Abdalla Hamdok, has earlier stated that US$ 10 billion will reform the economic deterioration, he said US$ 2 billion to stabilize the rate exchange of the national currency before dollar, and the US$ 8 billion for development and services,
The answer to the above raised question was released by the Minister of Finance and economic planning, Ibrahim Badawei, who informed that serial of meeting s and discussions were conducted with biggest financial bodies, during his recent trip to US.
The PM and his cabinet, were shocked by the official statements of the World Bank, which classified Sudan as unqualified to get loans due to the arrears of the debts, but I think, the World Banks conditions don’t match Sudan, it adopts the policy of free market, that depends on the theory of supply and demand, alongside lifting support to the services like, education, health and other services.
In this theory the market will govern the prices, but in case of Sudan we need different theories or new ones, to address the fundamental economic issues.
The only solution is to focus on self sufficient policy, to utlize the national economic potentials, the 2020 budget should allocate 80% of the revenue from the national resources and 20% loans and grants.
The minister of Finance till now didn’t provide plan to reform the economy without referring to the World Bank or the International Monetary Fund.
We need to learn from China the country that shared Sudan the same difficulties, we need to study the policy of closing in and opening, how China managed to overcome challenges, 1.4 billion, the population of China, while Sudan population is only 40 million, similar to the citizens of Beijing or Shanghai.
Self sufficient policy is the only solution and answer to the questions raised above.
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