Economist: Looting Banks Impacted Cash Reserves

Sudan Events – Nahid Oshi

The Economist Dr. Haitham Mohammed Fathi said that looting and theft to which banks were exposed have greatly impacted the cash reserves within banking systems.
Consequently, he argued, the economic activities were inhibited, and a large number of institutions and companies were unable to pay salaries and wages.
The cessation of production has led to an alarming increase in the number of unemployed people.
He noted a decline in investment, which affected the Gross Domestic Product (GDP), in addition to the displacement of large families of expatriates abroad and to neighboring countries. It impacts foreign exchange revenues due to the lack of remittances.
Fathi stated that the Sudanese economy was originally suffering from problems before the war, and thus several indicators appeared, including the decline in the value of the pound and high rates of inflation, unemployment and poverty. He said there is big delay by the state to address the entire economic crisis.