Sudan : first review under the staff monitored program and statement by the executive director for Sudan

In recent years, the IMF has released a growing number of reports and other documents covering economic and financial developments and trends in member countries.

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"In recent years, the IMF has released a growing number of reports and other documents covering economic and financial developments and trends in member countries."@en
"KEY ISSUESContext: Sudan's economy has yet to recover from the shock of South Sudan's secession three years ago, which took away three-quarters of oil production, half of its fiscal revenues, and two-thirds of its international payments capacity. Despite progress in implementing policies to address the resulting imbalances, inflation remains high and growth sluggish. Macroeconomic adjustment has been complicated by structural weaknesses, a heavy debt burden, U.S. sanctions, and volatile domestic and regional political factors. The authorities embarked earlier this year on a stabilization progr."@en
"EXECUTIVE SUMMARYContext: Sudan is a fragile state mired in a heavy debt burden, international sanctions, and volatile domestic and regional political environments. These problems, together with limited revenue mobilization, are constraining Sudanâ??s growth prospects and poverty reduction efforts. The economic situation worsened following the secession of South Sudan in 2011, resulting in the buildup of large economic imbalances. The authorities have embarked on a stabilization program and are expecting that a return of peace in South Sudan will ensure continuation of oil flows, which are cru."@en
"KEY ISSUES Context: The July 2011 secession of South Sudan led to the buildup of large economicimbalances in Sudan. The authorities responded in June 2012 with a comprehensivepackage of corrective measures, which laid the ground for a much-needed adjustmentprocess. The reform process was expected to continue in 2013, through a secondpackage of measures, which the authorities recently put together, but has yet to beimplemented. The March 2013 agreement with South Sudan on oil and security mattersis offering an opportunity to continue the adjustment process by implementing boldreforms t."@en
"This interim Poverty Reduction Strategy Paper (I-PRSP) was preparedfollowing the secession of South Sudan in July 2011. It was approved by the Councilof Ministers as well as by Parliament on 20 July 2012, respectively. The preparation ofthis I-PRSP was initiated before the secession of South Sudan. Since then, thegovernance structures for the new Sudan have remained the same, based on the 2005Interim National Constitution (INC) that underpinned the Comprehensive PeaceAgreement (CPA). Until the signature of the CPA, Sudan had experienced an alternationof civilian and military governments and tw."@en
"Sudan has had one of the highest growth rates amongst Sub-Saharan African countries anda rapidly rising per capita income, with per capita GDP of US1,500. Nonetheless, the country'shuman development outcomes remain weak. Sudan ranks 154 out of 169 countries in UNDP's 2010Human Development Index, especially relative to the fact that income per capita GDP exceeded1,500 or roughly 25 percent higher than the Sub-Saharan Africa (SSA) average. In 2009, Sudan wasthe third largest producer of crude oil in SSA, behind Nigeria and Angola, although Sudan'sproduction was only about 30 percent of Angola'"@en
"In recent years, the IMF has released a growing number of reports and other documents covering economic and financial developments and trends in member countries. Each report, prepared by a staff team after discussions with government officials, is published at the option of the member country."@en
"This selected issues paper on Sudan was prepared by a staff team of the International Monetary Fund as background documentation for the periodic consultation with the member country. It is based on the information available at the time it was completed on September 7, 2012. The views expressed in this document are those of the staff team and do not necessarily reflect the views of the government of Sudan or the Executive Board of the IMF."@en
"KEY ISSUESPolitical Context: Sudan is embarking on a difficult national dialogue with the opposition and some armed groups in the Blue Nile and South Kordofan regions. The objective is to break the current destructive cycle of instability and prepare for the upcoming presidential election in 2015. This dialogue, if successful, could help create the conditions needed to address the challenges that emerged after the secession of South Sudan, including sustaining a much-needed broad economic recovery and adjusting the economy to its new potential. The current staff monitored program (SMP) is prov."@en
"Sudan faces difficult challenges in the conduct of its monetary policy following SouthSudan's secession in 2011. Sudan's economic conditions deteriorated rapidly after this permanentshock. The fiscal deficit widened owing to the loss of oil revenues and delays in fiscal adjustment. Monetization of the fiscal deficit led to high inflation, which reached 47.8 percent in March 2013. Anunderstanding of the effects of monetary policy on macroeconomic variables (such as output, employment and prices) and the channels through which these effects are transmitted is critical foreffective policy formulati."@en