SUDAN GOVT LAUNCHES ONLINE STOCK MARKET WITH SUPPORT FROM AFDB
KHARTOUM, April 1 -- The Government of Sudan has inaugurated an online trading system of its stock market in the country's capital, Khartoum - a landmark development in the Sudan's financial history.
Financed by the African Development Bank (AfDB) as part of its Public Financial and Macroeconomic Management (PFM) project, the e-trading system, launched on March 24, will be instrumental in promoting rapid development of the Khartoum Stock Exchange Market, which is a central element in the country's financial market.
This support is part of the Bank's mandate, under its Transitional Support Facility (TSF), to strengthen Sudan's financial governance and accountability. The Bank's funding of PFM amounts to US $34.8 million.
The PFM project seeks to create the necessary platform for establishing electronic public financial systems, which will ultimately form basis for the transition of electronic governance and administration of public resources. Other complementary systems that are being developed by the PFM include an Integrated Financial Management and Information System (IFMIS). This will integrate Sudan's public financial management systems with other systems in line ministries, through a customized IT infrastructure that will enhance electronic transactions, information flow and interaction across ministries.
The Undersecretary of Planning in the Ministry of Finance and Economic Planning, Abdalla Ibrahim, commended the AfDB for financing this initiative. He noted that it has laid the foundation for his country to align itself with the global financial and electronic trading systems.
On behalf of the Bank, the Resident Representative of the AfDB in Sudan, Abdul Kamara, alluded to the growing importance of electronical trade. He stressed that the Bank's support emanates from the considerable advantages of trading electronically, which reduces the risk associated with physical cash transactions, lowers transaction costs and saves time.
Kamara also noted the potential of e-trading to improve transparency, flow of information and enhance domestic resource mobilisation such as Sukuk bonds on which Sudan heavily depends on for financing infrastructure and service delivery.
He assured the Sudanese government of the AfDB's continued assistance in the area of public financial management and enhancing accountability in the use of public resources.
Source: Name News Network