Demands for Creation Sovereign Bonds to attract Expatriates’ Savings

Sudan Events – Nahid Oshi

Expert specialist on export and head of the Board of Directors of Quartz Multi-Activities Company, Mohamed Yahya,affirmed the need to think outside the box by creating financial and monetary tools that work to attract expatriates’ savings and remittances by issuing sovereign bonds or bonds or short to medium-term bank deposits with low or no returns, while ensuring the return of the original money to its owners during the post-war period, with incentives and privileges for the benefit of all sons and daughters of the homeland abroad.
He said, “The state must give these remittances and savings great importance due to their role in supporting and stabilizing the economy and the exchange rate, with the possibility of benefiting from them in financing reconstruction and development operations and supporting the economy during this period and the post-war period.”
He assured in his statement to “Sudan Events ” that the remittances and savings of expatriates from the sons and daughters of the homeland in the diaspora contribute to improving and alleviating the severity of the current economic situation.
He said, “Remittances from expatriates in Sudan have become important and necessary, particularly at the present time, due to the crisis that is hitting the country with mercenary warfare, economic saboteurs, crisis traders, and those exploiting people’s needs.”
He added, “The role of expatriates is to provide material and moral support, along with providing relief services through some civil society organizations, despite the challenges they face from high inflation and weak global growth, which have affected the amount of money sent.”
He pointed to the challenges facing expatriates in sending this money through various official channels (banks, exchange offices, and some banking applications), pointing to the economic instability with the presence of two exchange rates, in addition to the migration of a significant number of Sudanese to those countries where some of their sons and daughters are present, which reduces expatriate remittances.
He called on the state and various agencies (the Expatriates Agency) and relevant agencies to overcome obstacles and facilitate transfers through the banking system or official channels, and said, “There is an absence of some agencies from performing their role due to the war conditions. They must be reactivated to play the role assigned to them in attracting transfers and savings abroad, which are no less important than the revenues of Sudanese exports.”
He said, “It will contribute to stabilizing the exchange rate with the implementation of a set of reform and incentive packages in the economy.”
He explained that expatriates’ remittances before the war period were estimated at between $2 and $3 billion, but they decreased to a few million dollars during the war period.
He said, “Within a short period, with some policy reforms and some economic incentives, these numbers can reach multiples of these numbers within a few years, so the state must guarantee the rights of expatriates through more efforts and coordination with relevant institutions (the Central Bank, the Ministry of Finance, the Expatriates Agency, businessmen abroad and at home, commercial banks, international and regional organizations) to facilitate the flow and return of these transfers to the economy.”