Africa-Press – South-Sudan. The council of ministers has ordered the ministry of finance and planning to submit a thorough report on the current financial status of the country.
Michael Makuei, minister of information and government spokesperson, said the government was worried about the sharp dollar exchange rate against the South Sudanese Pound – SSP.
“The minister of finance and planning presented a briefing to the cabinet on the financial status or the exchange rate at present, and the Cabinet decided that this is a big topic and it cannot be presented under any other business. So he (Dier Tong Ngor) has been directed to make a presentation to the Cabinet in the next meeting,” Makuei told journalists.
When asked if the government was concerned about the recent sharp rise in inflation, Makuei responded: “Of course, the government does not want that to happen, which is why it is critical that a proper presentation is made so that the cabinet is well informed and can make appropriate decisions.”
“How can we not be worried and it is something that is affecting the population, affecting the people of South Sudan.”
As of yesterday, $1 was being sold at SSP 890 while $1 was at SSP 910 when buying
In contrast, the Bank of South Sudan’s governor stated in a press release issued on Thursday that the bank would continue to intervene by auctioning US dollars 5 million each week to commercial banks and forex bureaus and would raise the amount as needed.
The Bank’s Governor, Jonny Ohisa, stated that the fiscal and monetary authorities are collaborating closely to implement the public financial management and accountability reform, which is intended to restore macroeconomic stability.
He also blamed the tight financial conditions in both the domestic and international markets for the subsequent increase in the exchange rate.
However, the Public Financial Management and Accountability Act 2011 Amendment Bill 2023 was approved by the cabinet yesterday during the regular Council of Ministers meeting, and the next and final stage it will go to for approval and enactment is the parliament and the office of the President for signature so that it becomes a law.
The Act establishes procedures to control the public finances of the government, ensure accountability, regulate budget and appropriation bills, establish reserve revenue, contingency, and consolidated funds, and regulate borrowing and lending.
Source: The City Review South Sudan
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