LEADER 08837oam 22015254 450 001 9910811793603321 005 20240405203307.0 010 $a1-4983-4013-X 010 $a1-4983-2944-6 035 $a(CKB)2670000000597833 035 $a(EBL)1969186 035 $a(SSID)ssj0001472837 035 $a(PQKBManifestationID)11825041 035 $a(PQKBTitleCode)TC0001472837 035 $a(PQKBWorkID)11439153 035 $a(PQKB)10752568 035 $a(MiAaPQ)EBC1969186 035 $a(Au-PeEL)EBL1969186 035 $a(CaPaEBR)ebr11023522 035 $a(CaONFJC)MIL732857 035 $a(OCoLC)904407880 035 $a(IMF)1SDNEA2014003 035 $a(EXLCZ)992670000000597833 100 $a20020129d2014 uf 0 101 0 $aeng 135 $aur|n|---||||| 181 $ctxt 182 $cc 183 $acr 200 10$aSudan : $eStaff Report for the 2014 Article IV Consultation and Second Review Under the Staff-Monitored Program 205 $a1st ed. 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2014. 215 $a1 online resource (101 p.) 225 1 $aIMF Staff Country Reports 300 $aDescription based upon print version of record. 311 $a1-4983-7153-1 311 $a1-336-01575-6 327 $aCover; CONTENTS; INTRODUCTION; BOXES; 1. The Recent Breakdown in Correspondent Bank Relations; ECONOMIC DEVELOPMENTS, OUTLOOKS, AND RISKS; POLICY DISCUSSIONS; A. Overview; B. Restoring Macroeconomic Stability; 2. Fuel Subsidies Reform; C. Policies to Support Inclusive Growth and Reduce Unemployment; D. External debt; 3. Path to Normalization of Relations and Debt Relief; E. Statistical Issues; SECOND REVIEW UNDER THE SMP; ARTICLE VIII ISSUES; STAFF APPRAISAL; 4. Exchange Rate System; FIGURES; 1. Selected Economic Indicators; 2. Selected Political and Social Indicators 327 $a3. Selected Economic and Financial IndicatorsTABLES; 1. Selected Economic Indicators, 2011-19; 2. Balance of Payments, 2011-19; 3A. Government Operations, 2013-19 in millions of SDGs; 3B. Government Operations, 2013-19 in percent of GDP; 4. Monetary Survey, 2010-14; 5. Summary Accounts of the Monetary Authorities, 2010-14; 6. Summary Accounts of the Commercial Banks, 2010-14; 7. Medium-Term Macroeconomic Outlook, 2011-19; 8. Financial Soundness Indicators for the Banking Sector, 2010-14; ANNEXES; I. External Sector Assessment; II. Sources of Growth in Sudan; APPENDICES; I. Letter of Intent 327 $aAttachment I. Technical Memorandum of UnderstandingCONTENTS; RELATIONS WITH THE FUND; RELATIONS WITH THE WORLD BANK; RELATIONS WITH THE AFRICAN DEVELOPMENT BANK; STATISTICAL ISSUES 330 3 $aKEY ISSUES Context: Sudan?s economy has yet to recover from the shock of South Sudan?s secession three years ago, which took away three-quarters of oil production, half of its fiscal revenues, and two-thirds of its international payments capacity. Despite progress in implementing policies to address the resulting imbalances, inflation remains high and growth sluggish. Macroeconomic adjustment has been complicated by structural weaknesses, a heavy debt burden, U.S. sanctions, and volatile domestic and regional political factors. The authorities embarked earlier this year on a stabilization program supported by a Staff-Monitored Program (SMP). The program runs through end-2014, and the authorities have not yet decided if they want a new SMP; the mission for the third SMP review in December will discuss the matter with them. Developments, outlook, and risks. Economic performance this year has been mixed as growth has remained subdued and inflation still high at about 40 percent. Growth is expected to rebound in 2015, but the outlook remains uncertain. The risks are largely tilted to the downside, although prospects of a successful national dialogue could lead to resolution of domestic conflicts and improved international relations. Article IV. Discussions focused on policies to secure macroeconomic stability, strengthen social safety nets, and a move to sustainable and inclusive growth. Fiscal consolidation (through revenue mobilization and expenditure rationalization, including a gradual phase-out of fuel subsidies) should continue, accompanied by increased public investment and social spending. Tight monetary policy and lower central bank financing of the government should help lower inflation. There is also a need for steps to lower the large premium in the foreign exchange market. Stronger supervision is needed to improve banks? resilience. More should be done to improve the business climate to boost growth. Program performance: The program remains on track. The authorities continue to minimize non-concessional borrowing and maintain satisfactory track record of payments to the Fund. They recently devalued the official exchange rate by 3 percent to help address external imbalances, which together with a large appreciation of the parallel market rate, has helped lower the premium. Going forward, priority should be given to further reducing inflation by continuing fiscal consolidation, tightening monetary policy, and gradually closing the gap between the official and parallel exchange rates. Debt relief. Relief requires reaching out to creditors, normalizing relations with international financial institutions, and continuing to establish a track record of cooperation with the IMF on policies and payments. The authorities? agreement with South Sudan to extend the ?zero option? by two years is a positive step. 410 0$aIMF Staff Country Reports; Country Report ;$vNo. 2014/364 606 $aFiscal policy$zSudan 606 $aMonetary policy$zSudan 606 $aBanks and Banking$2imf 606 $aExports and Imports$2imf 606 $aFinancial Risk Management$2imf 606 $aForeign Exchange$2imf 606 $aMoney and Monetary Policy$2imf 606 $aStatistics$2imf 606 $aInternational Lending and Debt Problems$2imf 606 $aBanks$2imf 606 $aDepository Institutions$2imf 606 $aMicro Finance Institutions$2imf 606 $aMortgages$2imf 606 $aDebt$2imf 606 $aDebt Management$2imf 606 $aSovereign Debt$2imf 606 $aMonetary Systems$2imf 606 $aStandards$2imf 606 $aRegimes$2imf 606 $aGovernment and the Monetary System$2imf 606 $aPayment Systems$2imf 606 $aData Collection and Data Estimation Methodology$2imf 606 $aComputer Programs: Other$2imf 606 $aInternational economics$2imf 606 $aCurrency$2imf 606 $aForeign exchange$2imf 606 $aBanking$2imf 606 $aFinance$2imf 606 $aMonetary economics$2imf 606 $aEconometrics & economic statistics$2imf 606 $aExternal debt$2imf 606 $aMultiple currency practices$2imf 606 $aDebt relief$2imf 606 $aAsset and liability management$2imf 606 $aCurrencies$2imf 606 $aMoney$2imf 606 $aDebts, External$2imf 606 $aBanks and banking$2imf 606 $aDebts, Public$2imf 607 $aSudan$xEconomic conditions 607 $aSudan$xEconomic policy 607 $aSudan$2imf 615 0$aFiscal policy 615 0$aMonetary policy 615 7$aBanks and Banking 615 7$aExports and Imports 615 7$aFinancial Risk Management 615 7$aForeign Exchange 615 7$aMoney and Monetary Policy 615 7$aStatistics 615 7$aInternational Lending and Debt Problems 615 7$aBanks 615 7$aDepository Institutions 615 7$aMicro Finance Institutions 615 7$aMortgages 615 7$aDebt 615 7$aDebt Management 615 7$aSovereign Debt 615 7$aMonetary Systems 615 7$aStandards 615 7$aRegimes 615 7$aGovernment and the Monetary System 615 7$aPayment Systems 615 7$aData Collection and Data Estimation Methodology 615 7$aComputer Programs: Other 615 7$aInternational economics 615 7$aCurrency 615 7$aForeign exchange 615 7$aBanking 615 7$aFinance 615 7$aMonetary economics 615 7$aEconometrics & economic statistics 615 7$aExternal debt 615 7$aMultiple currency practices 615 7$aDebt relief 615 7$aAsset and liability management 615 7$aCurrencies 615 7$aMoney 615 7$aDebts, External 615 7$aBanks and banking 615 7$aDebts, Public 676 $a332.152 712 02$aInternational Monetary Fund, 801 0$bDcWaIMF 906 $aBOOK 912 $a9910811793603321 996 $aSudan.$9496013 997 $aUNINA