The Sudanese Government has announced the launch of an online stock market in the country’s capital, Khartoum – a landmark development in the Sudan’s financial history.
The online trading system will be instrumental in promoting rapid development of the Khartoum Stock Exchange Market, which is a central element in the country’s financial market.
The e-trading platform was launched with the help of the African Development Bank as part of its Public Financial and Macroeconomic Management (PFM) project.
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).
Speaking on behalf of the Finance Minister, the Undersecretary of Planning in the Ministry of Finance and Economic Planning, Abdalla Ibrahim, commended the African Development Bank 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.
The online trading system will ensure Sudan’s public financial management systems are integrated with other systems in line ministries through a customized IT infrastructure that will enhance electronic transactions, information flow and interaction across ministries.