Port sudan: The Undersecretary of Planning at the Ministry of Finance and Economic Planning, Dr. Mohammed Bashar, announced the finalization of arrangements for the inaugural Economic Conference aimed at tackling the challenges posed by the ongoing war. This significant event, themed “Together to Accomplish Sustainable Economic Recovery,” is set to take place from November 19 to 20 in Portsudan.
According to Sudan News Agency, Dr. Bashar, who also heads the Supreme Committee for the conference’s preparation, revealed during a press briefing in Portsudan on Thursday that the conference will focus on assessing the current economic conditions exacerbated by the war. The objectives include evaluating existing economic policies and crafting a practical framework to halt economic decline. Key discussion points will encompass the role of foreign economic relations in alleviating war impacts, enhancing public-private sector partnerships to diversify economic resources, and emphasizing governance and institutional ma
nagement of the national economy.
Dr. Bashar highlighted the resilience of the Sudanese economy amidst severe challenges, attributing it to societal strength, family unity, and rural agricultural and livestock production. He noted the detrimental effects of the war on economic indicators such as the depreciation of the national currency, rising inflation, and reduced national income growth. Prior to the war, efforts by the Ministry of Finance to implement an economic restructuring program had yielded positive outcomes, including a reduction in inflation rates. However, the conflict reversed these gains, causing inflation to surge and the national currency to lose significant value. The ministry has since been working diligently to stabilize the situation, balancing direct state commitments with economic reform. Dr. Bashar stressed the need for increased investments to empower the economy while ensuring essential services for citizens and supporting war efforts through rationalized spending.
Dr. Bashar furth
er explained that last year, the ministry adopted a firefighting approach to address immediate economic issues. He emphasized the necessity of devising a strategic plan to enhance economic performance in light of current challenges. The conference intends to present this plan to development partners to attract funding from international institutions, the national government, and the private sector. A diverse group of experts and specialists has been involved in formulating the plan.
Dr. Munjed Abbas, a preparatory committee member, highlighted the parallel nature of economic and security crises, which have led to diminished investments amid the war. The committee has prepared several working papers for the conference, addressing topics such as resource exploitation in secure states like the Red Sea, which possesses numerous untapped resources, monetary policies and currency changes, and climate change impacts. The conference aims to propose solutions for all war-related economic issues.
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