Sudan’s oil revenue for February & March hits record low

May 5, 2009 (KHARTOUM) – Sudan’s oil revenue slipped to a record low in the months of February and March signaling more difficulties for the economy as it struggles to weather the effects of the global financial crisis.

The Undersecretary of the Ministry of Finance and National Economy, Al-Tayib Abu-Gnaya was quoted by Sudanese media as saying that total oil revenue for February and March was $47.54 million and $90 million respectively.

The figures contrast sharply with the three digit revenue figures reported in November of $347.79 and $608 million in October.

Abu-Gnaya said that the share of the Government of Southern Sudan (GoSS) in oil revenues for February was $15.16 million and $34.98 million in March.

The share of GoSS for locally used oil was $15.52 million in February and $19.52 in March.

The Sudanese official said that $2.89 million dollars and $4.73 million dollars were set aside for the Unity support fund in February and March respectively.

Sudan is heavily dependent on oil exports which have declined sharply in terms of proceeds and volume in the wake of global recession.

(ST)