Sudan allocates $10m to develop pharmaceutical industry

February 8, 2016 (KHARTOUM) – Central Bank of Sudan (CBoS), announced the allocation of 35 million United Arab Emirates Dirham (AED) (nearly $10 million) to develop pharmaceutical industry and to remediate the chronic shortage of medicines in the country.

Sudanese authorities say 50% of the population do not have access to basic drugs, with 79% of people having to pay out of their own pockets to buy medicine due to difficulties facing drug imports.

The CBoS is accused of failing to provide the necessary foreign exchange for drug importation.

In a statement issued on Monday, CBoS Governor Abdel Rahman Hassan directed to immediately implement the decision related to the development of the pharmaceutical industry in Sudan saying the allocation of the 35m AED comes as part of state policy and directives of the Presidency calling to develop national drug manufacturing to meet local needs.

The matter was discussed in an inter-ministerial meeting held on Sunday with the participation of Minister of Industry Mohamed Yusuf, Minister of State at the Ministry of Health Sumaya Akad, CBoS governor and the President of the Chamber of Pharmaceutical Industry Ahmed Badawi.

Also, Hassan reiterated that the central bank will continue to provide facilities from foreign banks to meet the needs of the national pharmaceutical industry and to provide direct resources to this sector.

Last week the CBoS pumped $ 100 million to strengthen the foreign exchange reserves of national banks and expected that foreign deposits in Sudan’s central bank from ”sister countries” help to control the fall of Sudanese pound in the black market.

The US dollar is selling at 11.5 pounds in the black market while the official rate is at 6.5 pounds because of a shortage of foreign currency in the country’s markets.

(ST)