Sudan to end wheat subsidies

05 January 20182 min reading

The Sudanese government has announced that wheat subsidies will be lifted. Sudanese authorities say that imports will be carried out by the private sector and claim that despite the abandonment of subsidies, bread prices will not increase due to competition.

bugdayda subvansiyon

lanned to take effect at the beginning of January, and will leave wheat imports to the private sector, a finance ministry official said to Reuters. Bread prices would not increase, however, because of competition between companies importing wheat, State Minister for Finance Magdi Hassan Yaseen claimed. The government would buy locally-produced wheat at encouraging prices, he said. Sudan imported 2 million tons of wheat in 2017, Yaseen said. Local wheat production was 445 thousand tons. The North African country said this week it will devalue the Sudanese pound to 18 SDG per U.S. dollar, from a current official rate of 6.7 per dollar, weeks after the International Monetary Fund urged it to float its currency. The IMF also said Sudan must make tough economic reforms, including phasing out wheat and fuel subsidies. Yaseen ruled out lifting subsidies on fuel and vital medicines. The import-dependent country has suffered both from the sanctions and from the secession of South Sudan in 2011, when it lost three-quarters of its oil output, its main source of foreign currency.

Articles in News Category
25 January 20192 min reading

COFCO joins initiative to modernize global agricultural commodity trade operations

COFCO International is partnering with Archer Daniels Midland Company (ADM), Bunge, Cargill Incorpo...

13 September 20181 min reading

Bunge announces retirement of agricultural trading chief

Global grain trader Bunge Ltd announced that the head of its largest unit, agribusiness, is retir...

12 August 20212 min reading

Cargill becomes the majority owner of one of the largest grain terminals in Ukraine

Cargill has finalized its commitment to become the majority (51%) shareholder of its joint venture ...