Middle East and Central Asia > Sudan

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International Monetary Fund. Middle East and Central Asia Dept.
Middle East Technical Assistance Center (METAC) has arranged a two-phase capacity development (CD) for the Libyan Customs Administration (LCA) of the Libyan Ministry of Finance. The purpose of this mission is to assess the development status of the ASYCUDA World (AW) prototype piloted in the Port of Tripoli and identify areas of short-term CD support enabling LCA to fully exploit the AW functionalities. It will be followed by a study tour to promote peer learning and exchange of best practices in the f ield of customs in particular digitalization issues, through the METAC region.
International Monetary Fund. African Dept. and International Monetary Fund. Strategy, Policy, & Review Department
South Sudan is a very fragile post-conflict state and one of the most vulnerable countries in the world to climate-driven disasters. The pandemic reversed the economic recovery that followed the 2018 peace agreement. The oil price shock from the pandemic resulted in a massive loss of revenue, causing the government to run up expenditure arrears and resume monetary financing. This led to sharp exchange rate depreciation and runaway inflation. The policies implemented under a Staff Monitored Program (SMP) that was approved in March 2021 and supported by two disbursements under the RCF (in November 2020 and March 2021) have helped restore macroeconomic stability and eliminate a long-standing system of multiple exchange rates. Higher oil prices have dampened the effects of floods on lower oil production and sustained international reserves in the face of a rising import bill. The sharp rise in global food prices risks is exacerbating the dire humanitarian situation in South Sudan, where 70 percent of the population suffers from acute food insecurity, at a time when aid budgets are being cut.
International Monetary Fund. African Dept.
A 9-month Staff Monitored Program (SMP) combined with a disbursement under the Rapid Credit Facility (RCF) of 50 percent of quota (about US$174 million) was approved on March 30, 2021 to address BOP challenges and build a track record towards an upper credit tranche financial arrangement. This followed a disbursement under the RCF in November 2020 of 15 percent of quota (about US$52 million), which was the first-ever financial disbursement from the Fund to South Sudan. Progress has continued in implementing the revitalized peace agreement of 2018: following the formation of a unity government in February 2020 and the appointment of state governors in June 2020, the national parliament was sworn into office in August 2021. The humanitarian situation remains dire, with about 60 percent of the population facing high levels of acute food insecurity.
International Monetary Fund. Middle East and Central Asia Dept.
This Joint Staff Advisory Note (JSAN) reviews the Sudan Poverty Reduction Strategy Paper (PRSP) for the period 2021–2023. The PRSP was prepared by the Government of Sudan, drawing on lessons learned from the implementation of the 2012 interim poverty reduction strategy paper (I-PRSP).1 The PRSP was approved by the Council of Ministers on May 11, 2021. The government submitted the PRSP to IDA and the IMF on May 12, 2021 to fulfill the Enhanced Heavily Indebted Poor Countries (HIPC) Initiative’s poverty reduction strategy requirement.
International Monetary Fund. Middle East and Central Asia Dept.
Sudan, with the support of the international community, is implementing an ambitious reform program to address major macroeconomic imbalances and support sustainable, inclusive growth. A new transitional government was established in the wake of the 2019 revolution with the mandate to carry out sweeping reforms to reverse decades of economic and social decline. The government is pursuing a transformational reform agenda focused on: (i) achieving internal peace based on inclusion, regional equity, and justice; (ii) stabilizing the economy and correcting large macroeconomic imbalances; (iii) providing a foundation for future rapid growth, development, and poverty reduction; and (iv) improving governance and transparency.
International Monetary Fund. Middle East and Central Asia Dept.
Since the 2019 popular revolution, Sudan’s transitional government has taken difficult steps to right decades of economic mismanagement. The challenges facing the authorities remain significant, but they have fulfilled the necessary conditions to reach the HIPC Decision Point (DP). This is an historic achievement and Sudan is set to clear its arrears and normalize relations with the IMF and other international financial institutions. This will unlock Sudan’s access to new financial resources to fund much needed development and social spending.
International Monetary Fund. Middle East and Central Asia Dept.
The transitional government embarked on a Staff-Monitored Program (SMP) in 2020 to help address major macroeconomic imbalances caused by decades of mismanagement, lay the groundwork for inclusive growth, and establish a track record of sound policies required for eventual HIPC debt relief. The economic challenges facing the authorities remain significant and have been exacerbated by the COVID-19 pandemic, but there have been improvements in both the domestic and external environment. Sudan has cleared its arrears to the World Bank and African Development Bank thereby regaining access to multilateral grant funding. A financing package for the clearance of arrears to the IMF has been identified, and on May 17, 2021 a development partner conference was held in Paris with a side event to promote investment in Sudan.
International Monetary Fund. Middle East and Central Asia Dept.
The transitional government embarked on an IMF-supported Staff-Monitored Program (SMP) in 2020 to help address major macroeconomic imbalances caused by decades of mismanagement, lay the groundwork for inclusive growth, and establish a track record of sound policies required for eventual HIPC debt relief. The challenges facing the authorities remain significant, but there have been improvements in both the domestic and external environment. International efforts to support Sudan have gained momentum and were bolstered by the removal of Sudan from the U.S. list of State Sponsors of Terrorism (SSTL), and the identification of bridge financiers for Sudan’s arrears clearance to IDA and the African Development Bank (AfDB). Meanwhile, the government has moved forward on important structural reforms, and on February 8, 2021 the signatories to the October peace agreement were brought into a newly formed cabinet which reaffirmed its commitment to the economic reform program.
International Monetary Fund. African Dept.
South Sudan is a very fragile post-conflict country. After five years of civil conflict, the warring parties came to an agreement for power-sharing in September 2018 and formed a unity government in February 2020. However, peace remains fragile in the face of difficult humanitarian and economic conditions. Already very high levels of poverty and food insecurity have been exacerbated by severe flooding in recent months. The floods (the worst in 60 years) have killed livestock, destroyed food stocks, and damaged crops ahead of the main harvest season. South Sudan’s economy has been hit hard by lower international oil prices following the COVID-19 pandemic.