Yiep Joseph
Africa-Press – South-Sudan. Stakeholders at the National Economic Conference urged the government to focus on expanding the tax base in order to reduce borrowing.
According to the recommendations reached by the stakeholders at the National Economic Conference (NEC), the need to mobilize enough resources and more money for the country in order to reduce debt was noted.
The communiqué seen by the City Review recommended ensuring that taxes are paid.
“Expansion of the taxation base and tax compliance across all government, business, and public entities” the communique partly read.
It stated that individuals working with NRA should have a contract with the state and be given a definite term to strengthen them to engage in effective tax collection.
The Minister of Finance and Planning, Bak Barnaba, said the country would focus on investing in vast minerals to acquire more foreign currency.
He added that the untapped mining sector should generate more money for the country if the ventures into it.
In his presentation during the conference, Benjamin Ayali, undersecretary for the Ministry of Finance and Planning, revealed that South Sudan has borrowed more $2 billion by the end of the last financial year.
He said that 1.5 per cent of the debt was borrowed from commercial banks while $39.117 million was borrowed from multi-lateral and bilateral institutions.
He added that the country is engulfed in debt, particularly after the conflict came in, and could not manage to facilitate some of its activities.
Ayali said that the government is working hard to ensure that the tax base will be focused on the economy’s diversification.
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