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“Economy and People’s Pension” Workshop Recommends Utilizing Sudan’s Potential to Achieve Economic Stability

Staff Writer

Khartoum 03-19-2022 (SUNA) — The workshop on the economy and people’s livelihood, organized by Initiators for Peace at Ewaa Hotel today, recommended the necessity of optimally employing Sudan’s economic and natural potentials to achieve economic stability and improve people’s livelihood. The workshop stressed the need to improve wages in the public sector in line with the minimum standard of living.

The workshop dealt with working papers on the challenges of the Economic Emergency Committee and the economic vision towards economic stability. The economic expert, Dr. Abdullah Al-Ramadi, said that Sudan is among the list of three global countries on which food depends, including Canada and Australia, with natural economic potential beyond imagination represented in ten rivers, lands, and large agricultural areas.

Dr. Al-Ramadi stressed that the political elites’ dealing with the country’s issues from a political perspective away from the economy put the political chariot before the horse of the economy, and as a result, crises are still present and complex, resulting in the worst economic situation in Sudan. 450% and an economic depression in which the citizen was unable to buy goods.

Al-Ramadi attributed the deterioration of the situation in Sudan to the application of the World Bank’s prescription and imposing it boldly and harshly on the economy, which led to the lifting of subsidies at once from wheat and oil derivatives, so purchasing power collapsed within a year and lost 80% of its activity, becoming one hundred pounds equivalent to twenty pounds, which forced families into force majeure as a result of High incidences of inflation.

For his part, the economic expert, Dr. Muhammad Al-Nayer, said that the issue of people’s pension is important and linked to the political situation and needs to be addressed before reaching the stage of economic blockage.

Al-Nayer stressed that Sudan will not starve based on the vast natural resources that need wise management and well-thought-out progressive policies.

Dr. Al-Nayer presented a number of economic prescriptions to confront the crisis, including buying wheat from producers, merging banks, or raising their capital to better manage the crisis.

He revealed the possibility of forming a new global economic system after the Ukrainian crisis, while America is no longer the dominant pole of the economy, expecting the emergence of new currencies.

Dr. Yasser Al-Obaid, an economist, said that many measures fall on the shoulders of the Economic Emergency Committee, including combating smuggling and stopping speculators in the market, calling for arranging the mineral sector, which he described as scattered, stressing the mobilization of resources to bridge the upcoming deficit in the state’s general budget.

Meanwhile, Initiators of Peace representative, Faten Moussa, called for unifying efforts to avoid the economic crisis, improve the standard of living and benefit from economic expertise.

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