/ 4 June 1999

IMF HAILS SUDAN’S REFORMS

THE International Monetary Fund on Thursday hailed Sudanese moves to reverse 20 years of economic decline but called for “broader and deeper” reforms to consolidate gains made to date. The IMF, according to a summary of recent discussions of the Sudanese economy by Fund directors, expressed satisfaction with Sudan’s implementation of IMF-monitored programs in 1997 and 1998. Despite the country’s 16-year-old southern civil war, which has caused desperate famine in some regions, growth accelerated to 6% in the two years while inflation declined from 133% in 1996 to 17% last year. The current account deficit narrowed to 4,1% of gross domestic product in 1998 from 7,6% in 1996.