Port Sudan , July 27(Darfur 24)The Governor of the Central Bank of Sudan CBoS), Barai Al-Siddiq, revealed on Saturday that the Ministry of Finance continues to borrow from the banking system to meet current spending.
The Central Bank has stopped providing statistics since the outbreak of the war, making it difficult to know the amount of money it borrowed from the banking system for the government, while the permissible limit for borrowing is less than 1% of the gross domestic product.
Barai Al-Siddiq said, in an interview with Al-Karama newspaper, which is close to the army, that the Central Bank of Sudan “provides borrowing to the Ministry of Finance to meet current spending, and we know the consequences that result from it, but this is normal in light of the war that has almost completely paralyzed the economy.”
He reported that there are efforts to arrange the economic situation, including the Ministry of Finance accelerating to find solutions to cover the budget deficit away from the Central Bank, controlling random imports, and regulating fuel imports.
Barai Al-Siddiq acknowledged wasting hard currency on importing unnecessary goods.
The Central Bank launched a financing portfolio of one billion dollars to import goods, stop the continued deterioration of the value of the local currency, and curb inflation.