Signing of Joint Government Accounts Report Between Ministry of Finance and Central Bank

Port Sudan – Sudanhorizon

The Ministry of Finance and Economic Planning and the Central Bank of Sudan have signed the Joint Government Accounts Status Report for the 2024 fiscal year.
The report highlighted the completion of payments for war effort support, security forces’ salaries, humanitarian aid costs, and health sector requirements. It also confirmed full compensation for federal government employees, fulfilment of federal pension obligations through December 2024, and partial coverage of arrears from 2023.
Additionally, the report detailed payments for state transfers based on resource flow and established mechanisms, support for health, water, and education services for displaced persons, as well as funding for higher education, universities, media organizations, and operational expenses of federal units, including rental costs.
Minister of Finance Highlights Economic Coordination
During a joint meeting between the ministry and the Central Bank at today’s government complex, Minister of Finance Dr Jibril Ibrahim emphasized the importance of full coordination between fiscal and monetary policies. He underscored close collaboration between the ministry and the bank to achieve national economic goals and enhance capacity.
Dr. Ibrahim described the Central Bank as the second wing of the Ministry of Finance, stressing the need to adopt technological advancements in financial and banking operations to improve performance, tighten revenue control, and reduce losses. He noted that the current challenge is expanding revenue streams and relying on real resources to mitigate risks associated with borrowing from the banking system, a goal the ministry is actively pursuing.
He further stated that borrowing is a sovereign decision for which the state bears responsibility, balancing its risks against the public interest. He stressed the importance of collaboration with the Central Bank to curb inflation and manage the implications of borrowing.
Ministry of Finance and Central Bank Collaboration
Abdullah Ibrahim, the undersecretary of the Ministry of Finance, pointed out the ministry’s efforts in stabilizing the exchange rate, controlling inflation, and ensuring smooth government operations. He emphasized the ministry’s responsibility for managing the national economy and macroeconomic indicators, commending the cooperation between the ministry and the Central Bank staff, whose teamwork benefited the national economy.
Deputy Governor of the Central Bank Mohammed Othman reaffirmed the commitment to collaboration between the two institutions to safeguard macroeconomic performance indicators. He acknowledged that the Central Bank cannot operate completely independently and stressed the necessity of aligned policies.