Sudan: First Review of Performance Under the 2007-08 Staff-Monitored Program

Author: International Monetary Fund

Volume/Issue: Volume 2008 Issue 174

Publication date: June 2008

ISBN: 9781451833805

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Topics covered in this book

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Banks and Banking , Exports and Imports , Money and Monetary Policy , Taxation - General , ISCR , CR , exchange rate , current account , private sector , banking system , net profit , oil revenue , arrears accumulation , debt service , government arrears , capital expenditure , Arrears , Currencies , Oil , gas and mining taxes , Monetary base , Commercial banks

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Summary

Sudan’s economic prospects are good, but risks remain. The report states that strong actions were taken for Government Finance Statistics Manuals and Guides (GFSM) implementation for monitoring domestic arrears under the Staff-Monitored Program (SMP). The need to maintain macroeconomic stability and implement strong monetary and fiscal policies are found to be essential. Higher oil prices and production have raised revenues. The need to correct past slippages and to reestablish fiscal credibility are found to be essential. Implementing delayed measures on public financial management and financial sector reform is crucial for restoring fiscal credibility and financial soundness.