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Wednesday 30 Dec 2015 - 00:54 Makkah mean time-19-3-1437
Sudan's Finance Minister Badr-Eddin Mahmoud (SUNA Photo)
Khartoum (IINA) – Sudanese Minister of Finance and Economic Planning Badr-Eddin Mahmoud has described the 2016 Budget as the Sudan's biggest ever and one which targets various areas of social development, SUNA reported.
He stressed that under the budget, approved by the National Assembly on Monday, the Finance and Economic Planning Ministry would continue to support the socially vulnerable categories of society.
Addressing a press conference in Khartoum, the minister said the new budget would focus on lowering the deficit of the country's balance of trade to realize economic stability, while limiting the budget deficit to around 1.6 percent of gross domestic product (GDP), and increasing revenues.
He added that his ministry would continue improving and normalizing relations with the West for the benefit of the national economy and settlement of Sudan's debts.
The minister indicated that the apparent features of the coming year's budget were represented by paying attention to economic stability, a continuation in reform policies, and computerization of the financial system.
He said spending would continue on enhancing Sudan's defense and security capabilities, indicating that a leap forward had been achieved in military industry, a development which he said Sudan should be proud of.
Mahmoud said the 2016 Budget targeted defense and security personnel. He expressed the hope that peace would be realized in the country, while affirming that spending on peace will continue.
The minister further added that policies of organizing the market of hard currency and rationalization of demand for hard currencies will continue, expecting that effects of restoration of equilibrium to the balance of trade will appear during the first quarter of the 2016 fiscal year.
AB/IINA
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