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Sudan’s aviation sector is expected to benefit hugely, El Nair added, as Airbus and Boeing had refused to provide Sudanese airlines with new planes or spare parts for existing fleets.
But the lifting of sanctions alone will not revive the economy, he said, adding that Khartoum must take measures to boost productivity.
“It has to cut expenses, fight corruption and improve the overall investment environment,” El Nair said.
Prior to the secession of the south, Sudan used to attract about $5 billion in foreign investments annually. That figure has now slumped to below $2 billion on a moderate economic growth of 3.5 percent in 2016.
– Bold reforms needed –
The International Monetary Fund has called for “bold and broad-based reforms” to kick-start economic growth.
“More needs to be done to turn the tide toward sustained macroeconomic stability and broad-based growth,” it said in a recent report.
Traders in Khartoum expect their business to pick up.
“Our business fell after the price of meat rose 45 percent from last year,” said Tareq Diab, manager of a Khartoum-based butcher.
Even sectors like meat production will be impacted by the lifting of sanctions, he said, as it needs new technology and imported livestock.
For Abdallah the lifting of sanctions means new jobs for tens of thousands of unemployed youths.
“New companies from France and America will come to Sudan, which means new jobs, new investments,” he said. “This will increase my salary too.”
Until that actually happens, it’s a “balancing act” for his wife Shahinda Adel when managing household expenses.
“Our income is limited, so I just tell my children the truth that I won’t be able to buy everything they want,” she said.
