August 5, 2020 (KHARTOUM) - The Sudanese Minister of Finance and the head of the security apparatus on Wednesday discussed the ongoing preparation to transfer investment companies and commercial activities of the agency to the Ministry of Finance.

According to the official news agency (SUNA), Hiba Mohamed Ali, Acting Minister of Finance and Economic Planning, and Jamal Abdel Majeed, Director General of the General Intelligence Service (GIS) held a meeting to discuss the matter at the agency’s headquarters.

The meeting dealt with "the companies affiliated with the General Intelligence Service, which amount to 15 companies, including Alsabika Gold Company which will be used to build a strategic stock of gold," said SUNA

Arrangements are underway in the Finance Ministry to oversee and manage more than 600 companies and government agencies affiliated with the military security institutions and associations belonging to the dissolved the ruling party of the former regime.

The official agency reported that a government decision will be issued soon according to which all companies and public bodies will be controlled by the Ministry of Finance.

Last April, the head of the Sovereign Council Abdel Fatah al-Burhan ordered to form a committee to review and reform the status of MIC companies.

After his resignation, the former finance minister said he had requested the prime minister give his ministry sufficient powers to enable it to carry out the necessary economic reforms to end the existence of "isolated islands of companies, bodies and funds in some ministries that are protected by legislation that enables them to continue to set aside revenues and disburse them without the supervision of the Ministry of Finance."

This reform is considered one of the most important structural economic reforms paving the way for the stability of the Sudanese economy. It will enable the Ministry of Finance to manage liquidity and employ it according to the priorities and needs of the Sudanese economy.

Besides ammunition and weapons firms, the army owns many commercial and industrial companies that invest in various areas, including meat and bread flour, and electrical and electronic devices.

The government did not yet announce its plans on the ownership of these industrial and commercial activities.

It seems that some will be totally transferred to the ministry of finance while others, particularly that belonging to the army will continue to be owned by the army but under the control of the finance ministry.

(ST)