Africa-Press – South-Sudan. At least $1 million (around SSP1 billion) has been allocated for South Sudan’s first national economic conference scheduled for next month, said Bak Barnaba, minister of finance and planning.
The national economic conference is expected to kick off on September 4–8, 2023.
Addressing the press yesterday, Bak said that despite several pledges from the partners, the ministry will pay about 80 percent of the money to ensure the success of the conference.
“The budget is around $1 million, and we are financing it with our partners. Our partners have already pledged their part, so the ministry is paying about 80 per cent of this cost, which is less than USD 1 million,” he said.
“I believe if there is an additional budget within a couple of days because we are still spending, it may require us to give you the total budget by the end of the conference itself,” Bak added.
The minister said they want to inform all the economic sectors, stakeholders, and development partners about the current status of the public financial management reforms, and the achievements made.
However, he said their first target is to address the economic crisis facing the country.
“The aim of the conference is to allow the economic sectors and the stakeholders to present their views on the main concerns and challenges of the economic situation in South Sudan and their proposals with regard to the transformational agenda of the economy,” Bak stated.
According to him, the priority is to manage the current midterm economic challenges the ministry is trying to address.
He said the government has identified policy areas that would move South Sudan out of oil revenue dependency.
Bak lamented that the country has heavily relied on oil to finance its expenditures, adding “we want to diversify, and this is a policy of the government.”
“The government is looking forward to identifying appropriate physical and monetary policies for the nation to achieve macroeconomic stability. “We have to work with our partners and all our stakeholders to achieve this noble goal.”
The minister promised to use the outcomes of the upcoming national economic conference to promote policy dialogue aimed at achieving macroeconomic stability and sustainable resource mobilization.
Last month, the Ministry of Finance and Planning began planning for the conference after it was ordered by President Salva Kiir to provide a platform for discussing the country’s economic woes.
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