معاوية بابكر الشيخ2017-11-282017-11-282006http://hdl.handle.net/123456789/8655Abstract The aim of this study is to enquire in the essential role that could be played by government musharaka certificates (G.M.Cs) to implement the government financial policies during (1999-2004) through creating financial resources intended to participate in budgetary deficit, in addition to its role in financial performance. It is obviously the objectives of (G.M.Cs) are to facilitate and to manage liquidity in the economy in accordance with other economic policy instruments .The G.M.C also aim to reduce high fluctuations in macroeconomic indicators such as ,inflation, beside reducing borrowing from the central bank ,as well as encourage saving , investment and promoting capital markets. The study states out the negative aspects of (G.M.Cs) during (1999-2004) such as high profit costs of (G.M.Cs), short maturity date, and (G.M.Cs) financing of public current expenditure. The study includes five chapters, the first chapter is an introduction ,the second described financial policies in Sudan (1999-2004) , while the third chapter explains the objectives of (G.M.Cs) and its performance in (1999-2004) , the forth examines the share in financial performance (1999-2004) , the fifth chapter indicates findings and recommendations . The recommendations of the study are as follows to increase the issuance of (G.M.Cs) so as to meet government needs as well as to reduce (G.M.Cs) profit cost, to increase maturity periods, allocate (G.M.Cs) returns for developmental expenditure.السياسة الماليةشهاداة المشاركة - شهامة