Africa-Press – South-Sudan. By Bida Elly David
The National Government yesterday pointed out that necessary measures have made to strengthen and reform banking and finance system in the Country through collaboration in the national Ministry of Finance.
This concern came after the government realised that there has been constant and simultaneous cash outflow to foreign Countries leading to economic jeopardy of the Country.
Speaking during the presentation regarding the status of the peace process, Dr. Martin Elias Lomuro, the national Minister of Cabinet affairs said that the Ministry of finance and the Central Bank were obliged to work with the international Monetary Fund, World Bank in order to reform the banking system.
‘’For improvement of the economic sector, there was a recommendation for strengthening and reforming the ministry of finance and planning and on capacitating and reforming the bank of South Sudan. As a result adhoc committee, commercial banks will be used to monitor and evaluate the implementation of the resolution for reforming the finance and the banking sector. Most Commercial banks charges on savings on accounts opened and overdrafts and later transfer cash out of the Country’’ Lomuro said
Furthermore, Lomuro reiterated that South Sudan economy has been jeopardised because of the continuous cash outflow to foreign Countries by foreign companies, Organisations and banks who contributed less towards employing the nationals in a sensitive positions.
Lomuro added that the resolution for the non- oil sector pointed out that no individual or companies shall be given crude oil cargos anymore and those Companies and individuals who previously got Cargos could only get their money when government sells it through internation system of Marketing .
He added that the reforms from the Ministry give the national Ministry of Petroleum as part of the resolution to undertake uniform human resource policies in the oil sector.
‘’The oil companies are being run by foreigners in a sense that if you are a South Sudanese engineer in an equal qualification and capacity, you get far less as remuneration from the collections done from the oil revenues by the companies’’ He pointed
Lomuro pointed out that reforming the finance and the Banking system will regulate the external movement of Money to foreign Countries and will result into economic stability and leaders will be saving within.
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