2019 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Sudan

Abstract

2019 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Sudan

Relations with the Fund

(As of December,31 2019)

Membership Status

Joined September 5, 1957; Article VIII.

General Resources Account

article image

SDR Department

article image

Outstanding Purchases and Loans

article image

Latest Financial Arrangements

article image

Overdue Obligations and Projected Payments to Fund

(SDR million; based on existing use of resources and present holdings of SDRs) The projection of charges and interest assumes that overdue principal as of December31, 2019 will remain outstanding, but forthcoming obligations will be settled on time.

article image

Exchange Rate Arrangement

The legal tender is the Sudanese pound, which replaced the Sudanese dinar in proportion SDG 1=SDD 100 in mid-2007. The de jure exchange rate arrangement is managed floating. Because the Sudanese pound has stabilized within a 2 percent band against the U.S. dollar since end-January 2018, with one realignment in October 2018, the de facto exchange rate arrangement was reclassified to stabilized from other managed, effective January 22, 2018. However, in 2019, the government of Sudan used SDG18/$ for its transactions and SDG15/$ for the calculation of customs import duty.

Sudan maintains the following measures subject to Fund jurisdiction under Article VIII, Sections 2 (a) and 3: (i) An exchange restriction arising from the government’s limitations on the availability of foreign exchange and the allocation of foreign exchange to certain priority items; (ii) A multiple currency practice and exchange restriction arising from the establishment of an official exchange rate (the CBOS rate) for use in all government exchange transactions which in practice differs by more than 2 percent from the rate used by commercial banks; (iii) A multiple currency practice and exchange restriction arising from large spreads between the CBOS rate and the parallel market exchange rate due to the CBOS’ limitation on the availability of foreign exchange which channels current international transactions to the parallel market; and (iv) An exchange restriction and a multiple currency practice arising from the imposition by the government of a cash margin requirement for most imports.

Sudan is on a 12-month consultation cycle. The last Article IV consultation was concluded by the Executive Board on November 29, 2017.

FSAP Participation

The Financial Sector Assessment Program (FSAP) mission took place in December 2004. The Financial System Stability Assessment report was discussed by the Executive Board on April 29, 2005.

Resident Representative

The Fund’s Resident Representative in Khartoum is Mr. Abdikarim Farah since May 2017.

Technical Assistance

The following table provides a summary of the technical assistance provided since January 2018, both from headquarters and from the IMF’s Middle East Technical Assistance Center (METAC).

Technical Assistance from the Fund, 2018–19

article image

Bank-Fund Collaboration

Joint Management Action Plan, July 2019–June 2020

(As of January 24, 2020)

article image

Statistical Issues

article image
article image
article image

Sudan: Table of Common Indicators Required for Surveillance

(As of January 24, 2020)

article image

Includes reserve assets pledged or otherwise encumbered as well as net derivative positions.

Foreign, domestic bank, and domestic nonbank financing.

Daily (D); Weekly (W); Monthly (M); Monthly/Weekly (M/W); Bi-monthly (B); Quarterly (Q); Annually (A); Irregular (I); Not Available (NA).