Sudan says to take control of state firms, including those owned by security

PM Abdullah Hamdok speaks during a press conference in Khartoum, Sudan. (File photo: AP)

Sudan’s finance ministry said on Sunday it would take control over all state firms, including ones owned by the security forces, as it works to straighten out the country’s faltering economy and open it up to foreign financing.

The measure is part of a 12-month reform package worked out with the International Monetary Fund (IMF) that also aims to reduce fuel subsidies, stabilize the currency and open gold trading to the private sector.

Tackling the security sector’s extensive economic power is seen as one of the toughest challenges of a 39-month transition following a coup last year that ended three decades of rule by Omar al-Bashir. The military and civilian groups are now running the country in a fragile power sharing arrangement.

For all the latest headlines follow our Google News channel online or via the app.

“The Transitional Government will prepare and publish an inventory of all state-owned enterprises, including those overseen by the Ministry of Finance and Economic Planning, other ministries, as well as the security sector,” the ministry said a statement on Sunday.

Sudanese residents wait for buses on a street in Khartoum, Sudan, May 4, 2019. (Reuters)

Sudanese residents wait for buses on a street in Khartoum, Sudan, May 4, 2019. (Reuters)

The government would issue decrees within six months ensuring “ownership, complete oversight and transparency over all state-owned enterprises,” to avoid political interference and conflicts of interest in the management and oversight of the companies, the statement added.

Read more:

Secretary Pompeo eyes resolution in coming weeks on Sudan terror listing

Sudan’s transition gets vote of approval as Western, Arab donors pledge $1.8 bln

A Sudanese committee chaired by Prime Minister Abdullah Hamdok approved a plan 10 days ago to liquidate many of the country’s 650 state-owned companies and privatize others.

Inflation in Sudan is running at over 110 percent, the economy is expected to contract by 8 percent this year after contracting by 2.5 percent in 2019, and the ratio of debt to gross domestic produce is at 190 percent, one of the highest in the world, the statement said.

SHOW MORE
Last Update: Sunday, 28 June 2020 KSA 22:04 - GMT 19:04
Top