Uof K Initiative Calls for Investment Reform Approach

2019-06-16 18:02:02.000 | view 269 | share : |


Khartoum, June 16 (SUNA) The University of Khartoum professors have introduced an initiative that calls for a reformist approach to the political, economic, legal and administrative environment to create an investment appropriate atmosphere.

In regard to the investment environment in Sudan, the initiative has called for characteriszing the obstacles within its economic reform plan, calling for serious efforts for political reform in order to provide the security and stability required for investment.

The initiative has indicated the importance of drawing up and adopting an economic reform policies to curb the high prices and restore confidence in state institutions and policies to encourage investment.  The initiative has noted that the policies should be adopted to reduce the focus on current non-growth spending to the development spending to stimulate productive agricultural, industrial and service sectors and to pay due attention to infrastructure such as education and health as a component of the neglected investment climate and the need to formulate sound fiscal policies in the field of revenues and public expenditures, while the state should depend on real sources of financing the budget deficit to reduce the dependence on the cash issuance and the borrow from the banking system.

The initiative has also demanded the use of fiscal policy as a tool for reduction of economic turmoil that arise from aggregate demand volatility such as the open market operations, limitation of liquidity ratio, legal reserve ratio and the required ratio margin.
The initiative has called for an appropriate legal legislation for investment that includes several financial incentives to boost the flow of foreign investment, streamline investment procedures, promote investment opportunities and monitor project implementation.

The initiative has also called for the investment department to be supported by qualified cadres to enable it to perform its duties in facilitating investment procedures, providing information and data to investors, monitoring the implementation and the performance of foreign investment projects and establishing an independent unit to encourage investment.
The initiative called for a comprehensive review of the tax system in order to simplify tax rates, reduce incentives, increase the transparency of grant methods and link the incentives with a measurable development objectives.