SUDAN : RUSSIA & SUDAN WORKING TOGETHER TOWARDS A NEW GLOBAL PAYMENT SYSTEM KHARTOUM WANTS TO FREE ITSELF FROM WESTERN CONTROL, FINANCE MINISTER JIBRIL IBRAHIM MOHAMED DECLARED TO SPUTNIK AFRICA.
Here are his comments on the new direction for SUDAN and the continent: Training, Innovation, and Digital Payments.
Describing the new protocol between SUDAN and RUSSIA, Dr. MOHAMED stated:
“This is just a step towards enhanced cooperation between the two central banks, as payments could in the future be dematerialized rather than via SWIFT or other means.” Beyond SWIFT
The PAPSS, a pan-African payment and settlement system, will allow the abandonment of its Western counterpart, the minister stated.
“This is what the BRICS countries are trying to achieve with BRICS Pay. And I hope this is also what African countries are trying to do with PAPSS.” Trade in local currencies
“With PAPSS, we pay with our own currencies. This will, of course, ensure the stability of the exchange rate and the economy as a whole, which will promote the development of trade between AFRICAN countries.”
PAPSS will simplify trade and strengthen economic stability, the minister hopes. Reduce AFRICA’S debt burden
“Paying via PAPSS reduces costs and increases trade. Your need to repay your debts to Western institutions will decrease. This will allow you to save substantial amounts of money. This money will be used for the development of AFRICAN countries.” On Sputnik’s role in AFRICA
“AFRICANS need a second or third point of view. If we only listen to one side, it becomes a stereotype,” says Dr. MOHAMED.
“We are convinced that Sputnik’s work enriches our understanding and helps AFRICANS gain a different perspective,” he concluded.