IMF upgrades GDP growth forecast for Sudan in 2013 Article Comments (0)
Email Print Save ________________________________ April 16, 2013 (WASHINGTON) – The International Monetary Fund (IMF) on Tuesday raised its projections for Sudan’s economic growth in 2013 and adjusted 2012 figures upward as well. In this handout provided by the IMF, International Monetary Fund Economic Counsellor and Director of the Research Department, Olivier Blanchard answers a question during a joint press conference on the World Economic Outlook April 16, 2013 at the IMF Headquarters in Washington, DC The World Economic Outlook (WEO) released today by the IMF also showed Sudan’s economy shrinking by -4.4% last year compared to a previous estimate of -11.1%. In 2013, Sudan is expected to achieve a 1.2% growth which is higher than the -0.6% projected by the IMF last year. Next year’s GDP is also forecasted to stand at 2.6% which is slightly better than the 2.1% predicted in the IMF last assessment of Sudan’s economy. It is unlikely that the report factored in last month’s agreement to between Khartoum and Juba to resume oil exports which were suspended more than a year ago taking a heavy toll on both countries’ economies. “In Sudan, despite a significant pickup in agricultural activity, continued military skirmishes with neighboring South Sudan and the post secession loss of oil production and exports led to a large decline in output in 2012” the WEO report said. The oil shutdown has worsened economic crises in both countries as they depend heavily on crude exports for state revenues and use the foreign currency to import food and fuel. Landlocked South Sudan accused Khartoum of seizing part of its oil flowing through its pipelines. Sudan acknowledged the move but said that it is doing so to pay for unpaid transit fees. Sudan was negatively impacted by the oil suspension because transit fees are a major source of dollars after the country lost three-quarters of oil production when the South seceded. It was forced to adopt austerity measures to boost revenues and cut spending. Khartoum also moved to effectively devalue the currency which came under enormous pressures as a result of a big shortage in foreign currencies. South Sudan previously produced 350,000 barrels a day (bpd) but will resume output of between 150,000 bpd and 200,000 barrels bpd initially. (ST) -- You received this message because you are subscribed to the Google Groups "South Sudan Info - The Kob" group. To unsubscribe from this group and stop receiving emails from it, send an email to [email protected]. To post to this group, send email to [email protected]. For more options, visit https://groups.google.com/groups/opt_out.
