The Council of Ministers approves the issued and incoming policy package for the year 2018

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The Council of Ministers approves the issued and incoming policy package for the year 2018

The Council of Ministers approved in its meeting on Thursday October 4, 2018, headed by Moataz Mousa, Prime Minister of the Council of Ministers, a policy package issued for the year 2018, in the presence of representatives of the Union of Employers and the Union of Sudanese Workers, media leaders and editors.

"This package of policies approved by the Council of Ministers will be followed by other packages of fiscal and monetary policies that will restore the internal and external balance of the economy," said Mohamed Khair al-Zubair, governor of the Central Bank of Sudan. He pointed out that the aim of the announcement of these policies is a catalyst issued in light of expectations of abundant production of all crops of the summer season thanks to the good preparation and follow-up by providing agricultural inputs on time and funding necessary and increase the cultivated areas of more than 50 million acres, which made the government take many measures and policies Which can benefit from this abundant crop and maximize the export proceeds of the country and address the external balance.

Mr. Mohamed Khair Al-Zubair also said that it was agreed that exporters and all those who come with external resources will be given the realistic price of the Sudanese pound. This price will be announced and determined by an independent mechanism outside the Central Bank, composed of experts and managers of banks and internal and external banks. To declare the exchange rate on a daily basis indicating that all other factors related to the competitiveness of exported goods will be acquired. The exchange rate to be determined will apply to all exports and remittances, including remittances of Sudanese working abroad.

The central bank governor said the exchange rate set by the mechanism of the market makers is the price at which the purchase of gold, which would completely eliminate the smuggling of gold, "The Central Bank of Sudan will buy gold produced by the mining and export of gold and gold produced by companies The concession will comply with the investment law, the foreign exchange regulations and the agreements signed with these companies. The Central Bank of Sudan will continue to purchase all gold from the national mining.

Mr. Mohamed Khair Al-Zubair also pointed that a new mechanism has been introduced to finance gold from public sources. The Sudanese Financial Transactions Company, a government-owned company, will issue a new certificate to the Gold Fund.

With regard to imports, the Governor of the Bank of Sudan clarified that the negative list, which includes 19 commodities, was reviewed, customs duties were reviewed and the import process was accelerated, taking into account import priorities related to fuel, wheat, sugar, medicines and inputs of agricultural and industrial production.