Friday, July 21, 2017

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Economy

Despite being the 17th fastest growing economy in the world with new economic policies and infrastructure investments, Sudan still faces formidable economic problems, as it must rise from a very low level of per capita output. Since 1997, Sudan has been implementing the macroeconomic reforms recommended by the IMF.

In 1999, Sudan began exporting crude oil and in the last quarter of 1999, recorded its first trade surplus. Increased oil production (the current production is about 520,000 barrels per day (83,000 m3/d)) revived light industry, and expanded export processing zones helped sustain GDP growth at 6.1% in 2003. These gains, along with improvements to monetary policy, have stabilized the exchange rate.

Currently oil is Sudan's main export, and the production is increasing dramatically. With rising oil revenues the Sudanese economy is booming, with a growth rate of about 9% in 2007. Sustained growth was expected the next year due to not only increasing oil production, but also to the boost of hydroelectricity (annual electricity yield of 5.5 TWh) provided by the Merowe Dam.

Rich mineral resources are available in Sudan including: petroleum, natural gas, gold, silver, chromite, asbestos, manganese, gypsum, mica, zinc, iron, lead, uranium, copper, kaolin, cobalt, granite, nickel, tin, aluminum.

Agriculture production remains Sudan's most important sector, employing 80% of the workforce and contributing 39% of GDP, but most farms remain rain-fed and susceptible to drought. Instability,adverse weather, and weak world agricultural prices - ensures that much of the population will remain at or below the poverty line for years.

The Merowe Dam, also known as Merowe Multi-Purpose Hydro Project or Hamdab Dam, is a large construction project in Northern Sudan, about 350 km north of the capital Khartoum. It is situated on the River Nile, close to the Fourth Cataract where the river divides into multiple smaller branches with large islands in between. Merowe is a city about 40 km downstream from the construction site at Hamdab.

The main purpose of the dam will be the generation of electricity. Its dimensions make it the largest contemporary hydro power project in Africa. The construction of the dam was to be finished by mid-2008, supplying more than 90% of the population with electricity. Other gas-powered generating stations are under construction in Khartoum state; these were also due to be completed by 2008.

Despite the American sanctions, the Sudanese economy is one of the fastest growing in the world according to a New York Times report of October 2006.

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QUICK FACTS

History: Land of the oldest human civilization, kush or meroetic kingdom (800BC - 320 )
Location: An Afro-Arab country, situated in heart of Africa, dominated by river Nile
Capital: Khartoum
Area: 1.882 million sq. miles
Population: 36 million, with 2.6 % growth rate
Climate: Ranges between Tropical in South, desert in North
Currency: Sudanese Pound
Official language: Arabic, english as a second langauge
Religions: Islam, Christianity

Sudan Map