Parliament stresses enforcement of economic reform program

2018-11-06 18:32:59.000 | view 1141 | share : |

Khartoum, Nov. 6 (SUNA) - The National Assembly has stressed the need to implement a long-term program to be preceded by stabilizing program on economic and structural reform focusing on addressing inflation and the national currency’s exchange rate against foreign currencies. The parliament urged adoption of a long-term economic growth program liberalizes the economy, combats corruption, curbs inflation and stabilizes exchange rate as well as addressing the liquidity crisis. This was stated by the report of the Emergency Committee on the Study of the Prime Minister's statements on the government’s performance during April-September 2018 and the State General Plan for 2019 and the macroeconomic situation, which was presented by Dr. Badriya Suleiman before the National Assembly on Sunday. The report of the emergency committee underscored the mandate of the Ministry of Finance on the public money, non-disbursement outside the budget and the review of all tax and customs exemptions except for production inputs. The report added the need for close coordination between the Ministry of Finance and the Central Bank of Sudan (CBOS) in gold operations and mobilization of resources to increase production. The report recommended the importance of addressing the liquidity crisis by making it available for the commercial banks to restore customer confidence, expressing the parliament's consent over the establishment of an economic and development planning commission to be led by competent staff.  The committee recommended control of monetary policies in the banking system and giving priority to the agricultural sector, processing industries and mining, calling for reviewing customs and tax exemptions and financing producers directly from banks instead of financing contractual partnerships. The committee called for taking into account the specificity of the work of the program budget, urging the training of the working cadres and the gradual implementation of this budget. The committee recommended the amendment of the CBOS Law and the separation between the positions of the Governor and the Chairman of the Board of Directors, calling for taking into account the caveats resulting from the introduction of new monetary categories that may increase inflation.