An Expert Enumerates Losses of the Economy a year after War

Sudan Events – Follow-ups

Economist Dr. Haitham Mohammad Fathi has revealed that the losses of the Sudanese economy a year after the outbreak of the war exceeded $100 billion, with 70% of economic activity in Sudan stopping.
Fathi confirmed in a statement to “Sudan Events” that Sudanese exports had declined by about 60% with the closure of the most important airport, which is Khartoum Airport, and the suspension of work in most dry ports and border trade points, with disruptions in supply chains resulting from the war, which led to a decline in export revenues from hard currencies, as production declined. Sudan’s gold supply declined from 18 tons to only 2 tons, that lost revenues from gold exports, which are equivalent to 50% of exports, worth $2 billion.
Fathi revealed that the banking sector was exposed to major losses represented by the looting, theft and destruction of 100 branches of banks operating in Sudan, and the percentage of looted funds reached more than 38% in the banks of the capital, Khartoum only.
He added, “The Central Bank of Sudan was not spared from sabotage operations, which made it suffer from a severe shortage of liquidity. Many banks began to suffer from the problem of managing their debts after the major companies that borrowed large sums from them were destroyed and looted, which made Sudanese banks face a problem in collecting. These debts negatively affect the banking sector.”
He pointed out that the number of displaced people reached 10 million and 700 thousand people, which was considered the largest displacement in the world.
He confirmed that the war constitutes a huge burden on the Sudanese economy, as it has caused the deterioration of the economic infrastructure, high unemployment rates, and worsening food security.
He continued, “Restoring economic growth and stability in Sudan requires major efforts to rebuild infrastructure, enhance investments, and support the agricultural and industrial sectors.”