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International Monetary Fund. Middle East and Central Asia Dept.

I. Introduction 1. Our Sudanese authorities wish to thank staff for the constructive engagement during the virtual mission on the First Review under the Staff Monitored Program (SMP). They broadly agree with staff’s appraisal and key policy recommendations. 2. The new Cabinet that assumed office in February 8, 2021, in line with the Juba Peace Agreement signed in October 2020, has reaffirmed its commitment to the SMP, which is aligned with the homegrown economic reform agenda. The Sudanese authorities have continued to implement difficult reforms under

International Monetary Fund. African Dept. and International Monetary Fund. Strategy, Policy, & Review Department

I. Introduction 1. Our South Sudanese authorities appreciate the candid discussions with Fund staff during the Article IV and second Staff-Monitored Program (SMP) review missions. They broadly share staff’s assessment and policy recommendations. 2. Since re-engaging with the Fund in 2020, the authorities have been focused on rebuilding economic systems and establishing a reform track record. Extremely difficult reforms have already been undertaken under the SMP, which, alongside two Rapid Credit Facility (RCF) disbursements and the general SDR allocation

International Monetary Fund. Middle East and Central Asia Dept.

. Macroeconomic performance in 2013 was generally mixed. While revenue performance improved on account of improvements in tax and customs collections, inflationary pressures worsened as a result of significant devaluation, high import prices and increases in petroleum product prices. The macroeconomic situation is expected to improve over the medium term. Against this background, the Sudanese authorities are requesting a new Staff Monitored Program (SMP) for 2014 as detailed in the staff report EBS/14/30. As pointed out in the report, the new SMP is aimed at providing a

International Monetary Fund. African Dept.

I. Introduction 1. Our South Sudanese authorities appreciate the constructive engagement with Fund staff during the recent mission negotiations. They seek Executive Directors’ support for their request for a Staff-Monitored Program (SMP) and a second disbursement under the Rapid Credit Facility (RCF-2). The SMP and RCF-2 are essential to catalyze critical donor support and help address the country’s pressing financing needs. 2. The economy has been severely impacted by the COVID-19 pandemic alongside the most damaging floods in 60 years and the collapse

International Monetary Fund. Middle East and Central Asia Dept.

constraints, the authorities have the commitment and capacity to implement the proposed policies, as illustrated by their design of an ambitious adjustment program and adoption of a prior action in a critical area. Moreover, conditionality design remains consistent with applicable policies for a UCT program, and thus the program continues to meet the UCT standard. Figure 1. Sudan: Selected Economic Indicators Sources: Sudanese authorities; and IMF staff calculations. Figure 2. Sudan: Fiscal Sector Sources: Sudanese authorities, and IMF Staff estimates

International Monetary Fund

. Executive Board Assessment Executive Directors commended the Sudanese authorities for persevering with prudent fiscal and monetary policies and wide-ranging structural reforms in a difficult environment. These policies have translated into a favorable economic performance, marked by a pickup in foreign investment, a strengthening of the external position, and single-digit inflation. While oil production increased sharply, growth of the non-oil sector has also been strong—evidencing progress in diversifying the economy. Directors welcomed the recent comprehensive peace

International Monetary Fund

September 7, 2007 1. The Sudanese authorities are appreciative of the Fund’s engagement and support. They reiterate their commitment to maintaining sound macroeconomic stability and advancing the ambitious reform agenda, which focuses on fiscal and financial sector reforms. They appreciate the candid exchange of views with staff during the 2007 Article IV Consultation and the Staff-Monitored Program discussions. They find the staff report as informative, fair and well balanced on the country’s economic policies, challenges and prospects. Progress on

Adnan Mahhouk and Franz Drees

by the Sudanese authorities to attain domestic and external equilibrium are appraised in the light of payments developments. I. Balance of Payments Developments T rends The structure of the Sudan’s balance of payments is heavily weighted with commodity trade, which accounts on average for well over 80 per cent of the Sudan’s current exchange receipts and payments. Other items of the current account are relatively less important. During 1947-62, earnings from services averaged about 9 per cent of exports, and expenditures on services were about 18 per