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Deficit Finance and Economic Development in the Sudan

Published online by Cambridge University Press:  11 November 2008

Ali Ahmed Suliman
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Extract

This study attempts to measure and analyse the importance of deficit finance in the economic development of the Sudan during the period 1960–9, mainly covered by the Ten-Year Plan of Economic and Social Development, 1961/2 to 1970/1, not implemented beyond 1969. In the light of these findings I shall also review the implications for the success of the present Five-Year Plan, 1970/1 to 1974/5, but since I am basically concerned with the rôle of deficit finance, I shall not attempt to appraise the overall national economic policies and trends, although these significant variables obviously affect each other.

Type
Articles
Information
The Journal of Modern African Studies , Volume 11 , Issue 4 , December 1973 , pp. 547 - 558
Copyright
Copyright © Cambridge University Press 1973

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References

Page 547 note 1 International Bank for Reconstruction and Development, Taxable Capacity in Developing Countries (Washington, 1962), p. 7.Google Scholar

Page 548 note 1 Cf. Kulkarni, R. G., Deficit Financing and Economic Development (London, 1966), p. 15.Google Scholar

Page 549 note 1 Bank of Sudan. Tenth Annual Report, 1969 (Khartoum, 1970), p. 80.Google Scholar

Page 549 note 2 Brown, C. V., ‘Effective Monetary Control in Developing Countries: the African experience’, in The Bankers Magazine (London), 09 1968, p. 154.Google Scholar

Page 550 note 1 Source: Bank of Sudan. Annual Reports (Khartoum), 1960–1970.Google Scholar The balance of post office savings was £S3·4 million at the end of 1959. It should also be noted that the central Government has borrowed £S13 million from the Currency Board through non-negotiable Treasury Bills, and that these were transferred to the Bank of Sudan when it was established in 1960.

Page 551 note 1 Bank of Sudan, op. cit. appendix 10.

Page 551 note 2 Publications, Europa, Africa South of the Sahara (London, 1971), p. 790.Google Scholar

Page 552 note 1 Sources: computed the annual Economic Survey (Khartoum), 1960–1970Google Scholar; until 1969 this was published by the Ministry of Finance and Economics, and thereafter by the Ministry of Planning. The figures for 1959–60 and 1969–70 are only for half of each fiscal year; those for 1968–9 are budget estimates, since the actual figures are not available.

Page 553 note 1 Cf. Hawtrey, R. G., ‘Money and Index-Numbers’, in Readings in Monetary Theory (New York, 1951), pp. 149–50.Google Scholar Other economists advocate the use of cost-of-living indices for judging movements in prices — e.g. Tandon, B. S., Economic Planning (Allahabad, 1963), p. 360.Google Scholar

Page 553 note 2 Sources: the cost-of-living indices are taken from the Government of the Sudan, Ministry of Planning, Economic Survey (Khartoum), 12 1970Google Scholar; and the wholesale price indices come from Internal Statistics (Khartoum), 1969.Google Scholar

Page 554 note 1 See Doblin, E. M., ‘The Ratio of Income to Money Supply: an international survey’, in The Review of Economics and Statistics (Cambridge, Mass.), xxxiii, 1951, p. 202.Google Scholar

Page 555 note 1 The source of the money supply figures in Table 4 is the Bank of Sudan, but published after the end of the year concerned. The I.M.F.'s International Financial Statistics (Washington) include cabled estimates for December, not adjusted afterwards.

Page 555 note 2 Sources: G.D.P. figures are taken from the Government of the Sudan, , National Income Accounts and Supporting Tables (Khartoum), 07 1970, p. 9Google Scholar; and the money supply comes from Bank of Sudan: Annual Reports, 1960–70.

Page 557 note 1 Bank of Sudan. Eleventh Annual Report, 1970, p. 16.

Page 557 note 2 Cf. Clark, Colin, ‘Public Finance and Changes in the Value of Money’, in The Economic Journal (London), XLV, 1945, pp. 371–89,Google Scholar and Smith, D. T., ‘Note on Inflationary Consequences of High Taxation’, in The Review of Economics and Statistics, xxxiv, 1952, pp. 243–7.CrossRefGoogle Scholar

Page 557 note 3 Robertson, Dennis, Money (London, 1922).Google Scholar

Page 557 note 4 Kaldor, Nicholas, ‘Economic Growth and the Problem of Inflation’, in Economica (London), xxvi, 08 and 11 1959.Google Scholar See also Barton, C. A. and Thirlwall, A. P., ‘Inflation and Growth: the international evidence’, in Banca Nazionale Del Lavoro (Rome), 98, 09 1971.Google Scholar