South Sudan records decline in crude oil production: official

(JUBA) – South Sudan’s crude oil production has declined from 185,000 to 165,000 barrels per day due to effects of the Coronavirus and floods in parts of the country, an official said. “Our production has dropped to 115,000-118,000 bpd in Dar and then in three GPOC blocks it is around 50,000 BPD, which adds up to 165,000 bpd all over the country,” Awou Daniel Chuang, the undersecretary in the Petroleum…

World Bank approves $400 million for Sudan’s economic reforms

(WASHINGTON) - The World Bank approved $400 million to fund the Sudanese government efforts to support poor families affected by the implementation of tough economic reforms during the transitional period. On Thursday, the World Bank Group’s Board of Executive Directors endorsed a new Country Engagement Note (CEN) for Sudan to support the transitional government plans to reform the economy and build an equitable social contract. Also, the Board approved two…

CBK Forms the Higher Committee of Shari’ah Supervision

In view of Law No. (3) of the year 2020 concerning the formation of a higher Shari’ah supervision authority, the Central Bank of Kuwait (CBK) Board of Directors approved the establishment, on 1-9-2020, of the Higher Committee of Shari’ah Supervision at the CBK and the guidelines organizing its business, within provisions of relevant laws. This initiative stems from the CBK’s commitment to maintain financial stability and to underpin the governance…

CBK Affirms Commitment to Exchange Rate Policy

In light of recent online reports falsely speculating on the intent to devalue the national currency, the Central Bank of Kuwait reiterates its commitment to maintaining the Kuwaiti dinar exchange rate at a level that protects its purchasing power. As it has stated recently, the CBK will continue its adherence to policies that aim to bolster the local currency and maintain monetary and financial stability in the country.   Source:…

Peace and removal from terror list would get Sudan out of economic crisis: al-Burhan

(KHARTOUM) - The head of the Sovereign Council on Saturday called for the use of peace and Sudan’s removal from the terror list to get the country out of the endemic economic crisis. In a speech at the opening session of an economic conference organized by the government, Abdel Fattah al-Burhan said that the deterioration of the national economy has reached its peak and that Sudanese can no longer endure…

Economists Urge New Economic System for South Sudan

While some South Sudanese experts recommend the government adopt a new economic system used by developing states to cut off black market currency exchange and stabilize skyrocketing prices, a new U.N. panel report says the real problem in South Sudan is deeply entrenched government corruption. South Sudan should switch to a developmental state economic system under which the government could control prices, the black-market foreign exchange rate, and the flow…
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