Sudan's First Economic Conference Amidst Ongoing Conflict
Sudan has initiated its first economic conference in Port Sudan, aiming to bolster revenues during a time of severe conflict and humanitarian crisis. The conference, led by Finance Minister Gibril Ibrahim, focused on strategies to enhance oil production, leverage Red Sea resources, and maximize tourism potential. Ibrahim emphasized the necessity to increase revenues to prevent starvation and alleviate the suffering of the Sudanese people, stating, "We must not allow the country to starve."
The conference spanned two days and included six sessions, during which 13 specialized papers were presented. These discussions reviewed various economic experiences from around the world, aiming to develop sustainable economic plans for Sudan amidst the ongoing war. The dire economic situation is underscored by an alarming inflation rate, which reached 211.5% in October 2023, following a trend of soaring inflation rates over the previous months.
Humanitarian Crisis and Economic Challenges
The conflict in Sudan, which erupted in April 2023 between military factions and the Rapid Support Forces, has led to the largest displacement crisis globally. The United Nations reports that approximately 25 million people, or half of Sudan's population, are in need of humanitarian aid as famine spreads, particularly in camps for the displaced. An estimated 11 million individuals have been forced to flee their homes, with around 3 million seeking refuge in neighboring countries. The ongoing war not only poses significant challenges to economic stability but also exacerbates the humanitarian crisis, necessitating urgent international attention and support.
