World Economy

Sudan Needs Swift Reforms

Sudan Needs Swift ReformsSudan Needs Swift Reforms

The World Bank urged Sudan to undertake swift structural reforms to revive its ailing economy, which a top Sudanese official insisted had been adversely impacted by US trade sanctions, AFP reported. Rising inflation and the loss of nearly 75% of oil earnings following the north-south split in 2011 have led to a steady decline in the country’s economic growth over the past few years. The decline comes on top of an economy already damaged by US trade sanctions imposed since 1997, making international banking transactions cumbersome when it comes to doing business with Sudan. “It is essential that Sudan undertakes a combination of institutional, macro-economic and sectoral reforms to reach a stable growth path,” said a World Bank report released in Khartoum. “While the authorities have succeeded in reducing inflation and slightly recovering from the negative growth rates of 2011 and 2012, more must be done to ensure a more stable medium-term outlook,” said the report’s lead author, Michael Geiger.