iAfrica

Be Smart About South Africa

Sudan Presses Ahead with Plans to Privatize Companies Owned by the Army

Officials are in talks with Middle East nations to help finance its cash-strapped economy, according to Finance Minister Gibril Ibrahim. Also, talks with Middle East nations to help finance its cash-strapped economy have begun, Mr Ibrahim said at the annual meetings of the Islamic Development Bank in Sharm El Sheikh, Egypt. “All commercial companies will be put up for public subscription, except for companies that produce weapons,” Mr Ibrahim told Bloomberg. “And that will be soon.” The government is on track to shut many of the country’s 650 state-owned companies and privatise others, he said. The privatisation move would keep to a series of proposed reforms suggested after a popular uprising ousted Omar Al Bashir in 2019. Sudan is seeking funding after decisions by the US, the EU and the World Bank to suspend billions of dollars in assistance. Saudi Arabia, the UAE and Qatar recently pledged more than $20 billion in investments and deposits to support Egypt.
.
SOURCE: THE NATIONAL NEWS

Share with your network!