Abstract
Sudan has been adversely affected by the global crisis through a sharp decline in oil receipts. Executive Directors welcomed the Staff-Monitored Program (SMP), which aimed to reduce the fiscal deficit, tighten monetary stance, and increase exchange rate flexibility. Directors urged the authorities to maintain prudent macroeconomic policies and to accelerate fiscal and financial sectors as well as structural reforms. Directors agreed that progress on debt relief under HIPC for Sudan is essential to remove the debt overhang and regain access to concessional financing for development and social projects.
Annex I. Sudan: Relations With the Fund
(As of March 31, 2010)
I. Membership Status: Joined 09/05/1957; Article VIII.
II. General Resources Account:
| SDR Million | Percent of Quota | |
| Quota | 169.70 | 100.00 |
| Fund holdings of currency | 366.21 | 215.80 |
| Reserve position in Fund | 0.01 | 0.01 |
| SDR Million | Percent of Quota | |
| Quota | 169.70 | 100.00 |
| Fund holdings of currency | 366.21 | 215.80 |
| Reserve position in Fund | 0.01 | 0.01 |
III. SDR Department:
| SDR Million | Percent of Allocation | |
| Net cumulative allocation | 177.99 | 100.00 |
| Holdings | 125.73 | 70.64 |
| SDR Million | Percent of Allocation | |
| Net cumulative allocation | 177.99 | 100.00 |
| Holdings | 125.73 | 70.64 |
IV. Outstanding Purchases and Loans:
| SDR Million | Percent of Quota | |
| Stand-by Arrangements | 124.49 | 73.36 |
| Extended Arrangements | 59.23 | 34.90 |
| Contingency and Compensatory | ||
| Financing Facility | 4.89 | 2.88 |
| Trust fund | 67.10 | 39.54 |
| SDR Million | Percent of Quota | |
| Stand-by Arrangements | 124.49 | 73.36 |
| Extended Arrangements | 59.23 | 34.90 |
| Contingency and Compensatory | ||
| Financing Facility | 4.89 | 2.88 |
| Trust fund | 67.10 | 39.54 |
V. Latest Financial Arrangements:
| Type | Approval Date | Expiration Date | Amount Approved (SDR million) |
Amount Drawn (SDR million) |
| Stand-by | 06/25/1984 | 06/24/1985 | 90.00 | 20.00 |
| Stand-by | 02/23/1983 | 03/09/1984 | 170.00 | 170.00 |
| Stand-by | 02/22/1982 | 02/21/1983 | 198.00 | 70.00 |
| Type | Approval Date | Expiration Date | Amount Approved (SDR million) |
Amount Drawn (SDR million) |
| Stand-by | 06/25/1984 | 06/24/1985 | 90.00 | 20.00 |
| Stand-by | 02/23/1983 | 03/09/1984 | 170.00 | 170.00 |
| Stand-by | 02/22/1982 | 02/21/1983 | 198.00 | 70.00 |
VI. Projected Obligations to the Fund: (SDR million; based on existing use of resources and present holdings of SDRs):
| Overdue1 3/31/2010 |
Forthcoming | |||||
| 2010 | 2011 | 2012 | 2013 | 2014 | ||
| Principal | 255.71 | |||||
| Charges/Interest | 734.96 | 2.23 | 2.88 | 2.88 | 2.88 | 2.88 |
| Total | 990.67 | 2.23 | 2.88 | 2.88 | 2.88 | 2.88 |
| Overdue1 3/31/2010 |
Forthcoming | |||||
| 2010 | 2011 | 2012 | 2013 | 2014 | ||
| Principal | 255.71 | |||||
| Charges/Interest | 734.96 | 2.23 | 2.88 | 2.88 | 2.88 | 2.88 |
| Total | 990.67 | 2.23 | 2.88 | 2.88 | 2.88 | 2.88 |
VII. Exchange Rate Arrangements
The legal tender is the Sudanese guinea, which replaced the Sudanese dinar in proportion SDG 1=SDD 100 in mid-2007. After the completion of a currency conversion to the new Sudanese guinea the Bank of Sudan (BOS) has allowed greater exchange rate flexibility than in 2006 and early 2007, suggesting a return to a floating exchange rate arrangement. The exchange rate system was free of restrictions on the making of payments and transfers for current international transactions2 until the BOS introduced an exchange restriction and multiple currency practice by imposing a floor on cash margins for letters of credit and import credit in 2009. These restrictions were approved by the Board to end-June 2010.
VIII. Article IV Consultation
Sudan is on a 12-month consultation cycle. The last Article IV consultation discussion was concluded by the Executive Board on November 26, 2008.
IX. FSAP Participation
The FSAP work took place during October 9–14, 2004 and was completed during December 1–14, 2004. The Financial System Stability Assessment report was discussed by the Executive Board on April 29, 2005.
X. Resident Representative
The Fund’s resident representative office in Khartoum was opened in October 2005, as a shared post with Djibouti. It was converted to a full post in September 2006.
XI. Technical Assistance
In January 1995, the Executive Board decided to resume Fund technical assistance to Sudan. The following table contains a summary of the technical assistance provided since 2004. This assistance has been provided both from headquarters and from the IMF’s Middle East Technical Assistance Center (METAC).
Sudan: Technical Assistance from the Fund, 2004–09
Sudan: Technical Assistance from the Fund, 2004–09
| Subject | Type of Mission | Timing | Counterpart | |
|---|---|---|---|---|
| Fiscal Affairs Department | ||||
| Revenue administration assessment (including METAC) | Short-term | February and October 2005, May and August 2006, January 2007 | Ministry of Finance (MOF) | |
| Expenditure control and management | Short-term | April 2006 | MOF | |
| Restructuring of headquarters (METAC) | Short-term | November 2007 | MOF | |
| Installation of STX (METAC) | Short-term | March 2008 | MOF | |
| Tax and customs administration | Short-term | August 2006 | MOF | |
| Cash management and budget classification (GFS) (including METAC) | Short-term | February 2004, May and September 2004, June and October 2005, April and October 2006, April, September and November 2007 | MOF | |
| Public Finance Management Diagnostic | Short-term | October 2006, June 2007 | MOF | |
| Implementing a TSA and improving cash management (including METAC) | Short-term | June and July 2008 | MOF | |
| Self Assessment and Audit (METAC) | Short-term | March 2008 | MOF | |
| Reorganization of the MOF and Public Finance Management Reforms | Short-term | January and February 2009 | MOF | |
| Strengthening Tax and Customs Administration | Short-term | January 2009 | MOF | |
| Monetary and Capital Markets Department | ||||
| Introduction of new national currency | Short-term | February and April 2005, January 2006, February and April 2007 | Central Bank of Sudan (CBOS) | |
| Monetary management and banking supervision | Short-term | March and April 2006 | CBOS | |
| Islamic compliant monetary instruments | Short-term | August 2006, May 2007 | CBOS | |
| Monetary policy operations | Short-term | September 2004, June 2006 | CBOS | |
| Banking supervision (METAC) | Short-term | August 2005 | CBOS | |
| Central bank organization | Resident Advisor | September 2005, Feb. 2006-August 2007 | CBOS | |
| Microfinance supervision and regulation | Short-term | December 2005 | CBOS | |
| Liquidity management and forecast | Short-term | March 2006, November 2007 | CBOS | |
| Payment systems | Short-term | November 2007 | CBOS | |
| Bank regulation | Short-term | March and April 2006, May 2007 | CBOS | |
| Banking operations | Short-term | April and July 2006 | CBOS | |
| Banking supervision | Short-term | August, September and December 2006 | CBOS | |
| Implementation of Islamic financial services board standards | Short-term | April 2008 | CBOS | |
| Currency handling and reform | Short-term | November 2006 | CBOS | |
| Statistics Department | ||||
| National accounts, CPI and PPI statistics | Short-term | April 2007 | Central Bureau of Statistics (CBS) | |
| Real sector statistics and CPI statistics (METAC) | Short-term | March and September 2007, March 2008 | CBS | |
| Balance of payments statistics | Short-term | September 2006, January 2007 | CBOS | |
| General data dissemination system (GDDS) | Short-term | June 2006, August and September 2007 | CBS, MOF and CBOS | |
| Assessing technical assistance needs in economic statistics (with METAC) | Short-term | May-June 2005 | CBS, MOF and CBOS | |
| Government Financial Statistics | Short-term | October 2005, March 2007, July 2008 | MOF | |
| Monetary and Financial Statistics | Short-term | December 2005, June 2006, July 2007, July 2008 | CBOS | |
| Legal Department | ||||
| Payment system law | Short-term | September 2007 | CBOS | |
Sudan: Technical Assistance from the Fund, 2004–09
| Subject | Type of Mission | Timing | Counterpart | |
|---|---|---|---|---|
| Fiscal Affairs Department | ||||
| Revenue administration assessment (including METAC) | Short-term | February and October 2005, May and August 2006, January 2007 | Ministry of Finance (MOF) | |
| Expenditure control and management | Short-term | April 2006 | MOF | |
| Restructuring of headquarters (METAC) | Short-term | November 2007 | MOF | |
| Installation of STX (METAC) | Short-term | March 2008 | MOF | |
| Tax and customs administration | Short-term | August 2006 | MOF | |
| Cash management and budget classification (GFS) (including METAC) | Short-term | February 2004, May and September 2004, June and October 2005, April and October 2006, April, September and November 2007 | MOF | |
| Public Finance Management Diagnostic | Short-term | October 2006, June 2007 | MOF | |
| Implementing a TSA and improving cash management (including METAC) | Short-term | June and July 2008 | MOF | |
| Self Assessment and Audit (METAC) | Short-term | March 2008 | MOF | |
| Reorganization of the MOF and Public Finance Management Reforms | Short-term | January and February 2009 | MOF | |
| Strengthening Tax and Customs Administration | Short-term | January 2009 | MOF | |
| Monetary and Capital Markets Department | ||||
| Introduction of new national currency | Short-term | February and April 2005, January 2006, February and April 2007 | Central Bank of Sudan (CBOS) | |
| Monetary management and banking supervision | Short-term | March and April 2006 | CBOS | |
| Islamic compliant monetary instruments | Short-term | August 2006, May 2007 | CBOS | |
| Monetary policy operations | Short-term | September 2004, June 2006 | CBOS | |
| Banking supervision (METAC) | Short-term | August 2005 | CBOS | |
| Central bank organization | Resident Advisor | September 2005, Feb. 2006-August 2007 | CBOS | |
| Microfinance supervision and regulation | Short-term | December 2005 | CBOS | |
| Liquidity management and forecast | Short-term | March 2006, November 2007 | CBOS | |
| Payment systems | Short-term | November 2007 | CBOS | |
| Bank regulation | Short-term | March and April 2006, May 2007 | CBOS | |
| Banking operations | Short-term | April and July 2006 | CBOS | |
| Banking supervision | Short-term | August, September and December 2006 | CBOS | |
| Implementation of Islamic financial services board standards | Short-term | April 2008 | CBOS | |
| Currency handling and reform | Short-term | November 2006 | CBOS | |
| Statistics Department | ||||
| National accounts, CPI and PPI statistics | Short-term | April 2007 | Central Bureau of Statistics (CBS) | |
| Real sector statistics and CPI statistics (METAC) | Short-term | March and September 2007, March 2008 | CBS | |
| Balance of payments statistics | Short-term | September 2006, January 2007 | CBOS | |
| General data dissemination system (GDDS) | Short-term | June 2006, August and September 2007 | CBS, MOF and CBOS | |
| Assessing technical assistance needs in economic statistics (with METAC) | Short-term | May-June 2005 | CBS, MOF and CBOS | |
| Government Financial Statistics | Short-term | October 2005, March 2007, July 2008 | MOF | |
| Monetary and Financial Statistics | Short-term | December 2005, June 2006, July 2007, July 2008 | CBOS | |
| Legal Department | ||||
| Payment system law | Short-term | September 2007 | CBOS | |
Annex II. Sudan: Relations With The World Bank1
(As of April 30, 2010)
The World Bank’s International Development Association (IDA) has no active lending portfolio in Sudan because of the country’s default on its financial obligations to IDA, which led to the suspension of disbursements in April 1993. After discussions between the World Bank and the Sudanese authorities on the need for Sudan to take steps toward normalizing its relations and establishing a track record with the World Bank, the authorities have been making small, intermittent debt service payments since mid-1999. The amount of payments has not been sufficient to prevent a continued accumulation of arrears, which currently stand at about US$ 580 million and are growing.
The World Bank was a major player in the reconstruction of Sudan following the Addis Ababa peace agreement of 1972, but was mostly absent from Sudan between 1993 and 2002. As the prospects for peace with the South rose in 2003, the World Bank formulated a strategy for a potential reengagement. Following the signing of the Comprehensive Peace Agreement (CPA) on January 9, 2005 by the Government of Sudan and the Sudan People’s Liberation Movement, the World Bank became the administrator for two large Multi-Donor Trust Funds (MDTFs) that support the CPA, and built up its program of non-lending support. Fifteen MDTF partners2 have contributed US$ 790 million in paid-in funds to the MDTFs. MDTF-supported projects initially experienced implementation challenges, as have all development and recovery programs in Sudan, but performance has steadily improved. Significant results are being seen on the ground, including the successful MDTF-supported launch of the CPA-mandated new national currency and the completion of the 5th Population Census, though daunting challenges remain—most notably low capacity, especially at the state level and in the South.
The World Bank’s Interim Strategy Note (ISN) for Sudan was discussed by the World Bank’s Board in April 2008. The ISN aims to support the Government of National Unity and the Government of Southern Sudan to sustain peace and reduce conflict by meeting the commitments contained in the CPA, Darfur Peace Agreement, and the Eastern Sudan Peace Agreement—particularly in war-affected and marginalized areas and in the fields of governance, basic services, and pro-poor economic growth. The ISN aims to help Sudan take important steps toward the achievement of the longer-term strategic vision enshrined in the CPA: promoting peace in Sudan by making it attractive through development, shared prosperity, and a reformed system of governance which serves all Sudanese.
The entry points for World Bank support—through management of the MDTFs and nonlending activities—vary according to the diverse conditions facing different regions of Sudan. At the National level, a focus on stabilizing peace entails a major role for analytical work and policy dialogue on implementing key provisions of the CPA (pro-poor growth, good governance and decentralization, empowerment), and—in the Three Areas and the East—on pro-peace development projects and building capacity for community-driven development and local service delivery. In Darfur, the World Bank works with partners, as security allows, to assess development and recovery needs and to make ready rehabilitation and development programs to be implemented in the event of peace. In the South, the main focus is on helping to build a competent, responsive and stable government based on good governance, rule of law, and transparency, while promoting efforts to empower and decentralize service delivery to the states, counties, and communities. Another key objective is to help Southern Sudan develop a long-term strategy to transform itself into a well-integrated, self-reliant, and viable economic unit that begins to harness its vast and rich natural resources for the welfare of its people. The substantial financial support through the MDTFs and the World Bank’s analytical and advisory services will be mobilized to meet these objectives.
With national elections recently completed, the focus of CPA implementation is now on preparations for the referendum in Southern Sudan due in early 2011.
IDA’s financial reengagement requires clearance of Sudan’s outstanding arrears. The clearance of these arrears can only be undertaken once a firm and comprehensive agreement among preferred creditors is in place. Such an agreement would also include significant reductions in bilateral debts, so as to make the total debt service obligations sustainable. Following the eventual clearance of IDA arrears, an exceptional IDA allocation for Sudan as a post-conflict country would be sought, and the World Bank would prepare another strategy document which would include, inter alia, a pipeline of projects.
The World Bank has completed a series of major non-lending products since the CPA, including a Public Expenditure Review, Diagnostic Trade Integration Study (on behalf of its Integrated Framework partners) and most recently a Country Economic Memorandum on sustainable and broad-based growth. Major non-lending products planned to be completed and delivered by the end of calendar 2010 include an Investment Climate Assessment focusing on the needs of small firms, an Environment and Natural Resources study, a Country Integrated Fiduciary Assessment, and for Southern Sudan studies on strengthening good governance and on States’ own revenue potential.
To enrich this menu of policy and analytical support, the World Bank will seek to deepen dialogue—and open up space for civil society participation in such dialogue—in areas such as: developing a Darfur reconstruction and development strategy; making decentralization work; transforming Southern Sudan into an integrated and viable economic unit; and local area development. The World Bank’s Financial Market Integrity Unit will continue its technical support to build capacity to combat money laundering through a proposed multiphase program.
Annex III. Sudan: Statistical Issues
Data provision has some shortcomings, but is broadly adequate for surveillance. There are many areas where further improvements are needed, particularly in compiling national accounts, state budgetary data, and external trade and financial statistics. This appendix discusses outstanding statistical issues by sector.
As one of 22 countries participating in the Fund’s General Data Dissemination System (GDDS) Project for Anglophone African Countries, Sudan has undertaken to use the GDDS as a framework for the development of its national statistical system. Sudan is participating in the monetary and financial statistics, and the GDDS/PRSP modules of the Anglophone Africa project (funded by the U.K. Department for International Development (DFID)). This project aims to assist participating countries to implement plans for improvement identified in the metadata and to meet GDDS recommended statistical practices. Sudan’s metadata were posted on the Dissemination Standards Bulletin Board on August 19, 2003 and partially updated in December 2005.
I. Real Sector
Practices in the production of the monthly Consumer Price Index (CPI) are good. Monthly CPI data are provided shortly after the end of each month. The Central Bureau of Statistics (CBS) has conduct new household income and expenditure survey and have constructed the new CPI index based on the survey.
The compilation of the national accounts is subject to delay. The national accounts statistics suffer from a lack of basic information for many sectors, including oil, livestock, horticulture, and most services. On the expenditure side, data are lacking on final consumption by households, investment, and changes in stocks. There are no national accounts or industrial production data at sub annual frequencies. Furthermore, the annual data are being reported with a lag of over three years. There is an urgent need to increase funding to the CBS and rebuild its capacity. Priorities include introducing the 1993 System of National Accounts, conducting a census of agricultural production, producing poverty on the basis of household survey, and improving coordination between the CBS, the Ministry of Finance and National Economy (MOFNE), the Ministry of Energy and Mining, and the Ministry of Agriculture and Livestock.
II. Fiscal Sector
1. Government finance statistics reported to MCD are broadly adequate for program monitoring, with the main revenue, expenditure, and financing items reported on a monthly basis with a lag of about one month. The reported statistics are for the central government only, and do not include the states and publicly owned corporations. Data are submitted using an economic classification and, while the allocation of resources by MOFNE to the various ministries is reported, their actual expenditures are not. In 2008, good progress has been made in improving accounting and reporting procedures at the MOFNE, introducing the GFS classifications according to guidelines provided in Government Finance Statistics Manual 2001, and implementing the technical assistance recommendations on GFS. Data reported for the Government Finance Statistics Yearbook are weak and cover only budgetary central government up to 1999. No monthly and quarterly fiscal data are reported for the International Financial Statistics (IFS).
III. Monetary Sector
2. Sudan has received significant technical assistance to improve the collection, compilation, and dissemination of monetary and financial statistics. The most recent STA monetary and financial statistics mission took place in July 2007. It conducted a training course in monetary statistics methodology and assisted the Bank of Sudan (BOS) in implementing the ongoing action plan, including the development of data reporting to STA in the format of the Standardized Report Forms (SRFs) and of a framework for incorporating data from South Sudan in the monetary statistics. The weekly flash report on the activities of BOS is consistent with relevant components in the depository corporations survey as recommended in the Monetary and Financial Statistics Manual.
3. In general, the monetary statistics compiled by BOS are broadly adequate for monitoring purposes. However, BOS should complete the harmonization of accounting codes and network connections as this would further improve the data collection and compilation. Also, it should work with MOFNE to review and reconcile government accounts held with the banking system to ensure their appropriate classification in the monetary statistics, and continue the work on implementing the framework for incorporating South Sudan’s banking activities into the monetary statistics.
IV. External Sector
4. Daily exchange rate data are posted on the central bank of Sudan’s web page with minimal lags. There are several areas for improvement in the external accounts, particularly with regard to foreign direct investment, remittances, trade, and oil statistics. The BOS’s foreign exchange balances include reserves earmarked for particular purposes such as medicine, oil, and spare part imports, but the composition of these reserves and their potential usability in the event of a balance of payment need is not clear. There is a need for clarification on items that qualify as international reserves in general, and those earmarked reserves in particular, and compilation of the data template on international reserves and foreign currency liquidity should be initiated.
5. Regarding import statistics, there are significant discrepancies between the reports from customs and the BOS. The July 2003 STA mission identified some possible causes and, in collaboration with the authorities, attempted to reconcile the data. Following up on the 2005 METAC mission, in 2006 METAC provided technical assistance for improving the quality of international investment position (IIP) data. The authorities now report partial IIP data for 2003–2006 to STA for publication. However, the lack of survey data continues to affect the compilation of important balance of payments and IIP items such as foreign direct investment.
6. Medium-term oil production projections and data on amortization of private sector debt need substantial improvement. The authorities have made some progress in improving oil projections, but appear reluctant to provide more detailed information on the phasing-in and expected production levels of new blocks and on amortization of debt in the oil sector.
Sudan: Data Quality
Sudan: Data Quality
| Type of Data | Scope and Timeliness of Reporting | Adequacy for Monitoring | Areas of Concern | Steps to Improve Integrity |
|---|---|---|---|---|
| Real sector: national accounts | Historical data reported on time by the Central Statistics Office. | Broadly acceptable: Real and nominal GDP by sector available with a 2-year lag. | 1968 System of National Accounts (SNA) still in use; oil sector value-added calculation not completed; no real GDP by expenditure; 4-year delay in nominal GDP by expenditure; private consumption derived as a residual; estimations rather than surveys are used for most GDP components. | Rebuild the Central Bureau of Statistics’ (CBS) institutional capacity; introduce the 1993 SNA; conduct census of agricultural production. Implement the project prepared by the STA’s peripatetic real sector expert. |
| Last and current year estimates reported to missions by the ministry of finance and national economy (MOFNE). | Acceptable. | Estimates are based on incomplete data, in particular for oil value added, livestock, and fruit and vegetable production. | Improve coordination between MOFNE, CBS, and the ministry of agriculture. | |
| Prices | Monthly CPI reported on time, with a minimal lag. | Acceptable. | Detailed data on CPI by individual states. | Reduce reporting inefficiencies by individual states. |
| Government finance | Monthly reporting of main budgetary items, generally on time; 1.5-month lag. | Good; main revenue and expenditure items reported; financing consistent with monetary accounts. | Only partial data on state budgets available; incomplete functional classification; MOFNE allocations to ministries are reported, but not their actual expenditure; slow progress on the introduction of the government finance statistics (GFS) classification. | Introduce the GFS classification; improve accounting and reporting procedures at MOFNE. Implement in full GFS (1997) technical assistance (TA) mission recommendations. |
| Monetary accounts | Monthly reporting of balance sheets. Generally on time; 1.5-month lag. | Acceptable following recent STA missions to improve transparency and reliability of the monetary statistics. | Large and variable other items (net); frequent misclassification errors by commercial banks, in particular for consortium financing, which prevents meaningful analysis of the composition of net domestic assets (NDA). | Establish a working group to review the Bank of Sudan’s (BOS) foreign assets; review and revise the guidelines related to consortium financing and ensure compliance. Implement the 2001 TA mission on monetary statistics recommendations, including improvement of commercial banks’ other items (net). |
| Weekly flash reports of key monetary aggregates; 1-week lag. | Good; estimates of usable reserves of BOS added in January 2003. | Some divergence between reserve money in balance sheets and end-of-month flash reports. | Include data on returns on investment deposits. Aim at full reporting of the BOS balance sheet. | |
| External sector: foreign exchange reserves |
Monthly reporting of BOS active balances. Generally on time; 0.5-month lag. | Acceptable, but needs improvement; frequency of monitoring should increase to weekly; quality of data needs to be strengthened. | Gross usable reserves are part of BOS active balances, which also include unusable reserves earmarked for particular purposes (such as oil, medicine, and spare parts imports). The composition of the earmarked reserves and their potential usability in the case of a balance of payment need are not clear. | Clarify the items that qualify as international reserves in general and those included in earmarked reserves in particular. |
| Exchange rate | Upon request; minimal lag. | Good: daily exchange rate available. | ||
| Balance of payments | Quarterly full BOP data provided on time and during missions; 3-month lag. | Acceptable, but needs improvement. | Incompleteness of data on some services (oil transportation costs), investment income (oil-related expenses and interest payments due on external public debt), transfers (workers’ remittances), financial account (amortization due on external public debt), and FDI; large positive errors and omissions. | Introduce the revised reports form for commercial banks; improve data collection procedures; enforce the use of the residency criterion; enhance institutional capacity of the BOS BOP compilation unit. Implement in full the recommendations of the 1999 and 2003 TA in BOP statistics. |
| Monthly trade data; upon request provided with a 2–3 month lag. | Acceptable, but needs improvement. | Discrepancies between BOS data and customs data. | ||
| External debt | Monthly payments to creditors. On time; 1.5-month lag. | Good; BOS cash flow table is not available. | BOS cash flow table does not reflect exactly actual payments made by the MOFNE. | Eliminate timing and recording discrepancies between the BOS and the MOFNE. |
| Other debt data; 10-month lag. | Good; coverage is comprehensive, although weaknesses in some areas persist. | BOS records are not reconciled with those of some creditors; data on Official Development Assistance not available; charges on interest in arrears not calculated; for some creditors, interest on arrears not separated from delayed interest. | Reconcile the data with creditors; further disaggregate the data according to standard definitions; Debt Management Unit to send monthly statements on external debt to the BOS’s Statistics Department. |
Sudan: Data Quality
| Type of Data | Scope and Timeliness of Reporting | Adequacy for Monitoring | Areas of Concern | Steps to Improve Integrity |
|---|---|---|---|---|
| Real sector: national accounts | Historical data reported on time by the Central Statistics Office. | Broadly acceptable: Real and nominal GDP by sector available with a 2-year lag. | 1968 System of National Accounts (SNA) still in use; oil sector value-added calculation not completed; no real GDP by expenditure; 4-year delay in nominal GDP by expenditure; private consumption derived as a residual; estimations rather than surveys are used for most GDP components. | Rebuild the Central Bureau of Statistics’ (CBS) institutional capacity; introduce the 1993 SNA; conduct census of agricultural production. Implement the project prepared by the STA’s peripatetic real sector expert. |
| Last and current year estimates reported to missions by the ministry of finance and national economy (MOFNE). | Acceptable. | Estimates are based on incomplete data, in particular for oil value added, livestock, and fruit and vegetable production. | Improve coordination between MOFNE, CBS, and the ministry of agriculture. | |
| Prices | Monthly CPI reported on time, with a minimal lag. | Acceptable. | Detailed data on CPI by individual states. | Reduce reporting inefficiencies by individual states. |
| Government finance | Monthly reporting of main budgetary items, generally on time; 1.5-month lag. | Good; main revenue and expenditure items reported; financing consistent with monetary accounts. | Only partial data on state budgets available; incomplete functional classification; MOFNE allocations to ministries are reported, but not their actual expenditure; slow progress on the introduction of the government finance statistics (GFS) classification. | Introduce the GFS classification; improve accounting and reporting procedures at MOFNE. Implement in full GFS (1997) technical assistance (TA) mission recommendations. |
| Monetary accounts | Monthly reporting of balance sheets. Generally on time; 1.5-month lag. | Acceptable following recent STA missions to improve transparency and reliability of the monetary statistics. | Large and variable other items (net); frequent misclassification errors by commercial banks, in particular for consortium financing, which prevents meaningful analysis of the composition of net domestic assets (NDA). | Establish a working group to review the Bank of Sudan’s (BOS) foreign assets; review and revise the guidelines related to consortium financing and ensure compliance. Implement the 2001 TA mission on monetary statistics recommendations, including improvement of commercial banks’ other items (net). |
| Weekly flash reports of key monetary aggregates; 1-week lag. | Good; estimates of usable reserves of BOS added in January 2003. | Some divergence between reserve money in balance sheets and end-of-month flash reports. | Include data on returns on investment deposits. Aim at full reporting of the BOS balance sheet. | |
| External sector: foreign exchange reserves |
Monthly reporting of BOS active balances. Generally on time; 0.5-month lag. | Acceptable, but needs improvement; frequency of monitoring should increase to weekly; quality of data needs to be strengthened. | Gross usable reserves are part of BOS active balances, which also include unusable reserves earmarked for particular purposes (such as oil, medicine, and spare parts imports). The composition of the earmarked reserves and their potential usability in the case of a balance of payment need are not clear. | Clarify the items that qualify as international reserves in general and those included in earmarked reserves in particular. |
| Exchange rate | Upon request; minimal lag. | Good: daily exchange rate available. | ||
| Balance of payments | Quarterly full BOP data provided on time and during missions; 3-month lag. | Acceptable, but needs improvement. | Incompleteness of data on some services (oil transportation costs), investment income (oil-related expenses and interest payments due on external public debt), transfers (workers’ remittances), financial account (amortization due on external public debt), and FDI; large positive errors and omissions. | Introduce the revised reports form for commercial banks; improve data collection procedures; enforce the use of the residency criterion; enhance institutional capacity of the BOS BOP compilation unit. Implement in full the recommendations of the 1999 and 2003 TA in BOP statistics. |
| Monthly trade data; upon request provided with a 2–3 month lag. | Acceptable, but needs improvement. | Discrepancies between BOS data and customs data. | ||
| External debt | Monthly payments to creditors. On time; 1.5-month lag. | Good; BOS cash flow table is not available. | BOS cash flow table does not reflect exactly actual payments made by the MOFNE. | Eliminate timing and recording discrepancies between the BOS and the MOFNE. |
| Other debt data; 10-month lag. | Good; coverage is comprehensive, although weaknesses in some areas persist. | BOS records are not reconciled with those of some creditors; data on Official Development Assistance not available; charges on interest in arrears not calculated; for some creditors, interest on arrears not separated from delayed interest. | Reconcile the data with creditors; further disaggregate the data according to standard definitions; Debt Management Unit to send monthly statements on external debt to the BOS’s Statistics Department. |
Sudan: Table of Common Indicators Required for Surveillance as of April, 2010
Includes reserve assets pledged or otherwise encumbered as well as net derivative positions.
Both market-based and officially determined, including discount rates, money market rates, rates on treasury bills, notes and bonds.
Foreign, domestic bank, and domestic nonbank financing.
The general government consists of the central government (budgetary funds, extra budgetary funds, and social security funds) and state and local governments.
Including currency and maturity composition.
Includes external gross financial asset and liability positions vis-à-vis nonresidents.
Daily (D); Weekly (W); Monthly (M); Monthly/Weekly (M/W); Bi-monthly (B); Quarterly (Q); Annually (A); Irregular (I); Not Available (NA)
Sudan: Table of Common Indicators Required for Surveillance as of April, 2010
| Date of latest observation | Date received | Frequency of Data 7 | Frequency of Reporting 7 | Frequency of publication 7 | |
|---|---|---|---|---|---|
| Exchange Rates | 4/30/2010 | 5/4/2010 | D | D | D |
| International Reserve Assets and Reserve Liabilities of the Monetary Authorities 1 | 2/28/2010 | 3/28/2010 | M | M | M |
| Reserve/Base Money | Feb. 2010 | 3/28/2010 | M | W | M/W |
| Broad Money | Feb. 2010 | 3/28/2010 | W | W | M/W |
| Central Bank Balance Sheet | Feb. 2010 | 3/28/2010 | M | M | M |
| Consolidated Balance Sheet of the Banking System | Feb. 2010 | 3/28/2010 | M | M | M |
| Interest Rates 2 | 12/31/05 | 1/09/06 | W | M | M/W |
| Consumer Price Index | Mar. 2010 | 4/15/2010 | M | M | M |
| Revenue, Expenditure, Balance and Composition of Financing 3 – General Government 4 | 2009:Q4 | March 2010 | M | M | M |
| Stocks of Central Government and Central Government-Guaranteed Debt 5 | 2008: Q1 | June 2009 | A | A | A |
| External Current Account Balance | 2008: Q4 | July 2009 | Q | Q | Q |
| Exports and Imports of Goods and Services | 2008-q4 | July 2009 | M | M | M |
| GDP/GNP | 2008 | Aug. 2009 | A | A | A |
| Gross External Debt | 2009:Q4 | March 2010 | A | A | A |
| International Investment Position 6 |
Includes reserve assets pledged or otherwise encumbered as well as net derivative positions.
Both market-based and officially determined, including discount rates, money market rates, rates on treasury bills, notes and bonds.
Foreign, domestic bank, and domestic nonbank financing.
The general government consists of the central government (budgetary funds, extra budgetary funds, and social security funds) and state and local governments.
Including currency and maturity composition.
Includes external gross financial asset and liability positions vis-à-vis nonresidents.
Daily (D); Weekly (W); Monthly (M); Monthly/Weekly (M/W); Bi-monthly (B); Quarterly (Q); Annually (A); Irregular (I); Not Available (NA)
Sudan: Table of Common Indicators Required for Surveillance as of April, 2010
| Date of latest observation | Date received | Frequency of Data 7 | Frequency of Reporting 7 | Frequency of publication 7 | |
|---|---|---|---|---|---|
| Exchange Rates | 4/30/2010 | 5/4/2010 | D | D | D |
| International Reserve Assets and Reserve Liabilities of the Monetary Authorities 1 | 2/28/2010 | 3/28/2010 | M | M | M |
| Reserve/Base Money | Feb. 2010 | 3/28/2010 | M | W | M/W |
| Broad Money | Feb. 2010 | 3/28/2010 | W | W | M/W |
| Central Bank Balance Sheet | Feb. 2010 | 3/28/2010 | M | M | M |
| Consolidated Balance Sheet of the Banking System | Feb. 2010 | 3/28/2010 | M | M | M |
| Interest Rates 2 | 12/31/05 | 1/09/06 | W | M | M/W |
| Consumer Price Index | Mar. 2010 | 4/15/2010 | M | M | M |
| Revenue, Expenditure, Balance and Composition of Financing 3 – General Government 4 | 2009:Q4 | March 2010 | M | M | M |
| Stocks of Central Government and Central Government-Guaranteed Debt 5 | 2008: Q1 | June 2009 | A | A | A |
| External Current Account Balance | 2008: Q4 | July 2009 | Q | Q | Q |
| Exports and Imports of Goods and Services | 2008-q4 | July 2009 | M | M | M |
| GDP/GNP | 2008 | Aug. 2009 | A | A | A |
| Gross External Debt | 2009:Q4 | March 2010 | A | A | A |
| International Investment Position 6 |
Includes reserve assets pledged or otherwise encumbered as well as net derivative positions.
Both market-based and officially determined, including discount rates, money market rates, rates on treasury bills, notes and bonds.
Foreign, domestic bank, and domestic nonbank financing.
The general government consists of the central government (budgetary funds, extra budgetary funds, and social security funds) and state and local governments.
Including currency and maturity composition.
Includes external gross financial asset and liability positions vis-à-vis nonresidents.
Daily (D); Weekly (W); Monthly (M); Monthly/Weekly (M/W); Bi-monthly (B); Quarterly (Q); Annually (A); Irregular (I); Not Available (NA)
The projection of charges and interest assumes that overdue principal at the report date (if any) will remain outstanding, but that forthcoming obligations will be settled on time.
In November 2005, the authorities removed two remaining exchange restrictions subject to Fund approval under Article VIII, Sections 2, 3 and 4 of the Fund’s Articles of Agreement. At that time, they lifted the exchange restriction that prohibited importers in arrears with valid import licenses from executing payments and transfers for import transactions and eliminated the multiple currency practice arising from the use of a historic buying rate for the resale of export proceeds.
Prepared by World Bank staff. For additional information, contact Mr. Greg Toulmin, Country Program Coordinator for Sudan, Tel. (202) 458–1747.
Partners having paid in funds to the MDTFs are: Netherlands, Norway, United Kingdom, European Commission, Canada, Sweden, Germany, Finland, Spain, Denmark, Italy, Egypt, Iceland, Greece, and the World Bank. The World Bank contributed (from IBRD surplus) US$5 million to each of the MDTFs.