Sudan may probe Gold revenue losses
Gold has become Sudan's biggest export, partially replacing oil revenues that made up more than 50% of state income until the south's secession.
Africa's is likely to conduct a study over decline in gold revenues and on the reasons behind that stressing that the deterioration in exchange rate is caused by decrease in gold exports.
Gold has become Sudan’s biggest export, partially replacing oil revenues that made up more than 50% of state income until the south’s secession.
This week the Sudanese government projected that it will produce 50 tonnes of gold this year.
Analysts estimated that gold exports were only 9 tons in contrast to government’s plans of exporting 25 tonnes.
They added that the gap is not caused by a shortage in supply of gold but the policies of the central bank.
Country's finance ministry stressed that the discrepancy between the gold purchase price and the exchange rate was the reason for halting central bank’s purchase of gold.
The central bank hasn’t sold all its gold, it still have gold reserves which could be exported at any point in time” ministry added.
The lawmakers underscored the need to put pressure on the government to cut public spending and reform its slouch institutions.
Last year, the government launched a package of tough austerity measures, including scaling back fuel subsidies to close a fiscal gap, sparking short-lived protests.
Khartoum also moved to effectively devalue the currency which came under enormous pressures as a result of a big shortage in foreign currencies.
In 2013, Sudan is expected to achieve a 1.2% growth which is higher than the -0.6% projected by the IMF last year. Next year’s GDP is also forecasted to stand at 2.6% which is slightly better than the 2.1% predicted in the IMF last assessment of Sudan’s economy.
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