Sudan's al-Bashir promises new raft of economic reforms

KHARTOUM

President Omar al-Bashir on Monday announced a fresh raft of measures aimed at salvaging protest-hit Sudan’s deteriorating economy.

Addressing supporters in the northern city of Al-Abyad, al-Bashir announced his decision to eliminate value-added taxes on microfinance projects.

His government, he said, also planned to reclaim land allocated earlier to investors and “reallocate it to small-and medium-sized enterprises”.

Al-Bashir went on to announce that cost-plus financing at the country’s Islamic banks would be reduced to a maximum of 5 percent, down from between 12 and 15 percent previously.

Sudan’s leadership hopes that the measures will serve to calm the Sudanese street, which has been rocked by a wave of popular protest since mid-December.

Demonstrators in steadily increasing numbers decry the failure of al-Bashir and his ruling National Congress Party to remedy Sudan’s chronic socio-economic ills.

Sudanese authorities say around 30 people have been killed since the protests began, but unofficial sources put the number at closer to 50.

A nation of some 40 million, Sudan has struggled to recover from the loss of three quarters of its oil output -- its main source of foreign currency -- since the secession of South Sudan in 2011.