{"id":68071,"date":"2024-11-07T06:22:28","date_gmt":"2024-11-07T06:22:28","guid":{"rendered":"https:\/\/www.africa-press.net\/south-sudan\/all-news\/46-budget-deficit-may-cause-spiraling-inflation-warn-lawmakers"},"modified":"2024-11-07T06:31:00","modified_gmt":"2024-11-07T06:31:00","slug":"46-budget-deficit-may-cause-spiraling-inflation-warn-lawmakers","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/south-sudan\/all-news\/46-budget-deficit-may-cause-spiraling-inflation-warn-lawmakers","title":{"rendered":"46% budget deficit may cause spiraling inflation, warn lawmakers"},"content":{"rendered":"

Africa-Press – South-Sudan. <\/strong><\/span>Members of the National Legislature have voiced strong concerns on how the Finance Ministry will cover the SSP. 2.6 trillion-deficit in the Fiscal Year 2024\/2025.<\/p>\n

The Financial year 2024\/2025 budget projects a total envelope of 4.1 trillion South Sudan Pounds (SSP) with a deficit accounting for 46% of the total budget.<\/p>\n

This was disclosed by the Chairperson of the Committee on Finance and Planning during the second reading of the budget.<\/p>\n

Michael Ayuen Johnson also noted that additional allocations by various clusters amount to 695 billion SSP.<\/p>\n

In his remarks, he questioned the Ministry of Finance on how they plan to cover this deficit, which would increase to SSP 2.6 trillion with the additions.<\/p>\n

\u201cThe Fiscal Year 2024\/2024 budget has a deficit of 1.9 trillion making a percentage of 46% and the new additions by the clusters stand at the tune of SSP. 695 billion<\/p>\n

\u201cFurthermore, the implication of this new additions is that, the current fiscal year 2024-2025 budget deficit alone is huge and if this is added will rise to a tune of 2.6 trillion which is unattainable.<\/p>\n

\u201cHow are you (minister) planning to cover the inflation because this is going to cause more inflation in the market, because the things that we are doing here in South Sudan it looked like we are joking because what we are doing exactly is not what is reflected in all the writing we have on the papers\u201d, said MP Reth Mouch<\/p>\n

Meanwhile, lawmaker Gai Mayen called for a realistic budget that covers the needs of the country.<\/p>\n

\u201cAs much as we appreciate the minister of finance or endeavoring cover all the needs of this country within this budget, I would urge them to be realistic in the sense that we should not leave above our means.<\/p>\n

\u201cIt is better for us to stick to what is projected in the resource envelope even if it is very low, we can manage it and also not risk sending panic to the market and cost inflation and many other disasters we may not manage,\u201d he added.<\/p>\n

In response, the Minister of Finance and Planning stated that the government plans to finance the deficit through the expected resumption of Nile Dar Blend oil revenues, as well as loans and grants from international lenders.<\/p>\n

Dr. Marial Dongrin clarified that the current budget deliberately excluded Dar Blend oil revenues, which comprise 70% of oil income, as a safeguard against uncertain production timelines.<\/p>\n

\u201cOne, we have said is that our resource envelope as regard to oil revenues has excluded the revenues from the sale of crude from the Dar Blend, which actually constitutes 70% of our oil revenues.<\/p>\n

\u201cWe did this as a government for strategic reasons; that if we had estimated and included revenues from the Dar Blend and include it we would not see the white fiscal deficit. But we may be risking if oil production does not resume.<\/p>\n

\u201cI want to assure the House that the government is working very hard to ensure resumption, even if it may take many months and part of the fiscal year is missed. We think that this is going to almost close the fiscal deficit that you currently seeing.\u201d<\/p>\n

During his speech, the Minister disclosed his meetings at IMF and World Bank in DC that the government will take loans and grants from international lenders, especially the International Monetary Fund.<\/p>\n

For More News And Analysis About South-Sudan Follow Africa-Press<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – South-Sudan. Members of the National Legislature have voiced strong concerns on how the Finance Ministry will cover the SSP. 2.6 trillion-deficit in the Fiscal Year 2024\/2025. The Financial year 2024\/2025 budget projects a total envelope of 4.1 trillion South Sudan Pounds (SSP) with a deficit accounting for 46% of the total budget. This […]<\/p>\n","protected":false},"author":84,"featured_media":68070,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,12],"tags":[233],"class_list":["post-68071","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-policy","tag-south-sudan"],"yoast_head":"\n46% budget deficit may cause spiraling inflation, warn lawmakers - South Sudan<\/title>\n<meta name=\"description\" content=\"Members of the National Legislature have voiced strong concerns on how the Finance Ministry will cover the SSP. 2.6 tril ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/south-sudan\/all-news\/46-budget-deficit-may-cause-spiraling-inflation-warn-lawmakers\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"46% budget deficit may cause spiraling inflation, warn lawmakers\" \/>\n<meta property=\"og:description\" content=\"Members of the National Legislature have voiced strong concerns on how the Finance Ministry will cover the SSP. 2.6 tril ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/south-sudan\/all-news\/46-budget-deficit-may-cause-spiraling-inflation-warn-lawmakers\" \/>\n<meta property=\"og:site_name\" content=\"South Sudan\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2024-11-07T06:22:28+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-11-07T06:31:00+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/south-sudan\/sites\/32\/2024\/11\/sm_1730948413.859857.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1080\" \/>\n\t<meta property=\"og:image:height\" content=\"720\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/south-sudan\/all-news\/46-budget-deficit-may-cause-spiraling-inflation-warn-lawmakers#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/south-sudan\/all-news\/46-budget-deficit-may-cause-spiraling-inflation-warn-lawmakers\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/south-sudan\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"46% budget deficit may cause spiraling inflation, warn lawmakers\",\"datePublished\":\"2024-11-07T06:22:28+00:00\",\"dateModified\":\"2024-11-07T06:31:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/south-sudan\/all-news\/46-budget-deficit-may-cause-spiraling-inflation-warn-lawmakers\"},\"wordCount\":568,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/south-sudan\/all-news\/46-budget-deficit-may-cause-spiraling-inflation-warn-lawmakers#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/south-sudan\/sites\/32\/2024\/11\/sm_1730948413.859857.jpg\",\"keywords\":[\"South-Sudan\"],\"articleSection\":[\"all news\",\"policy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/south-sudan\/all-news\/46-budget-deficit-may-cause-spiraling-inflation-warn-lawmakers#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/south-sudan\/all-news\/46-budget-deficit-may-cause-spiraling-inflation-warn-lawmakers\",\"url\":\"https:\/\/www.africa-press.net\/south-sudan\/all-news\/46-budget-deficit-may-cause-spiraling-inflation-warn-lawmakers\",\"name\":\"46% budget deficit may cause spiraling inflation, warn lawmakers - 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