October 14, 2020 (Thessherald)–South Sudan’s President Salva Kiir Mayardit, has ordered a nationwide clampdown on illegal black market dealers as the nation struggles to contain an economic slump.
Today, President Salva Kiir Mayardit and the Council of Ministers convened an urgent Extraordinary Cabinet meeting on the emerging issues related o the proposed change of the South Sudanese pound.
President Kiir backtracks on changing the currency
South Sudan’s President Salva Kiir Mayardit has backtracked on changing the country’s national currency after holding an extraordinary cabinet meeting with the Council of Ministers to discuss the ongoing hyperinflation rate in the country.
“South Sudan’s President Salva Kiir Mayardit called for an extraordinary meeting of the Council of Ministers to discuss the current Economic Crisis in the Country with particular focus on the hyperinflation rate in the market due to the announcement made by the Minister of Information and Communication, Michael Makuei Lueth mentioning a change of country’s Currency after the meeting of the previous Friday Cabinet meeting,” the Office of the President said this evening.
“At the beginning of the session, President Salva Kiir questioned the Council of Ministers, why an announcement of currency change was made to the public last Friday yet it was not part of the agenda and resolutions of the previous cabinet meeting,” the statement partly reads.
The Office of the President clarified that the proposed change of the currency was just an alternative suggestion put forward at the last cabinet meeting and has not yet been formally approved.
“President Salva Kiir and some members of the cabinet mentioned that, the change of the country’s currency was brought up in the discussion of previous cabinet meetings as one of the proposed ideas to be subjected for study and discussions as one of the long-term economic measures but it was not agreed and passed by the council that time.”
“President Salva Kiir made assurance in the cabinet meeting that the government did not and has not agreed to change the currency of the country, but instead it was a suggestion, a proposed idea to be studied by the economists.”
The Government unveiled that preparations are underway to secure sufficient financing that will be injected to the market in an attempt to stabilize the South Sudanese pound.
“President Salva Kiir and the government is in a final process of acquiring a loan that will be injected in the market to stabilize the currency rates. In addition, the Council of Ministers meeting also agreed to divert and inject the oil money into the market to help in the stabilisation of the market.”
South Sudan is once again mired in an economic crisis exacerbated by poor monetary policies and endemic corruption among top government officials.