Sudanese presidency establishes panel to review global financial crisis

February 24, 2009 (KHARTOUM) — The Sudanese presidency agreed to form a ministerial committee to study the repercussions from the global credit crisis which has stricken the country’s main source of revenue.

The official news agency (SUNA) said that the decision was made in a meeting held in the Southern capital of Juba between president Omer Hassan Al-Bashir and his First Vice President Salva Kiir and 2nd Vice president Ali Osman Taha.

The state minister for culture, sports and youth Amin Hassan Omar told SUNA that the presidency discussed issues relating to the global credit crisis and its impact on the government of national unity (GoNU) and Government of Southern Sudan (GoSS).

Omar said members of the newly established commission will include GoNU ministers as well as GoSS ones particularly finance officials.

The latest figures released by the Sudanese government show that oil revenue for December decreased by 21% compared to November.

Sudan is heavily dependent on oil exports but as crude prices fell officials due to worldwide recession they called for shifted focus on other sectors including agriculture and industry.

This month the deputy finance minister Al-Tayib Abu-Gnaya told Sudanese lawmakers that oil revenue has declined since January adding that no proceeds will be left over until April.

“We are now in February and not a single dollar has been received by treasury” Abu-Gnaya said.

“We barely covered [our expenses] for the first quarter in the budget. We still had to borrow from the banks” he added.

Last Friday South Sudan’s finance minister Kuol Athian disclosed that the semi autonomous government is struggling to pay salaries.

Sudan’s 2009 budget has forecasted revenue based on $50 per barrel sharply contrasting current market price of $36.

(ST)