Signing of the Joint Government Accounts Report

On Friday, the Joint Government Accounts Status Report between the Ministry of Finance and the Central Bank of Sudan for the fiscal year 2024 was signed. The report revealed the completion of the payment of the military support obligations, salaries for the regular forces, the government bearing all costs of humanitarian aid, fulfilling health sector payment obligations, full compensation for employees in federal government units, and covering pension commitments until December of the mentioned year, with part of the arrears from 2023 also addressed. The report also included the payment of state transfers based on resource flows and the adopted mechanism, as well as support for health, water, and education services for displaced persons. It also showed the payment of higher education support, university and media agency support, and covering the costs of federal unit operations and their rentals.

Finance Minister Dr. Jibril Ibrahim, during his chairmanship of the joint meeting between the ministry and the Central Bank at the ministries’ headquarters on Friday, emphasized the importance of full coordination between financial and monetary policies, their integration, and close cooperation between the ministry and the bank to achieve national economic goals and enhance capabilities. He pointed out that the Central Bank is the second wing of the Ministry of Finance, noting continued efforts to apply technology in financial and banking work to improve performance, control revenues, and reduce losses. He mentioned that the current challenge is to expand revenue sources and rely on real resources to mitigate the risks of borrowing from the banking system, stressing that borrowing is a sovereign decision, with the state bearing its consequences and balancing the risks against the public interest. He also highlighted the importance of coordinating with the Central Bank to address inflation and the implications of borrowing.

On his part, Ministry of Finance Undersecretary Abdullah Ibrahim confirmed that the ministry’s efforts contributed to stabilizing the exchange rate, inflation rates, and the smooth operation of government functions. He noted the ministry’s responsibility for managing the national economy and macroeconomic indicators, emphasizing the importance of full coordination between the ministry and the bank, and praised the staff of both institutions for their collaboration in the national economic interest.

Central Bank Deputy Governor Mohamed Osman affirmed the commitment to cooperation between the two institutions to maintain the macroeconomic performance indicators, stating that there is no absolute independence for the Central Bank.