Oct 15, 2020 (Thessherald)–As the country faces a bleak year of an economy collapse, the South Sudanese government has announced to inject millions of dollars into the financial market in an effort to boost the faltering economy.
South Sudan’s President Salva Kiir Mayardit and the Council of Ministers held an emergency meeting on Wednesday on the recent sharp depreciation of the South Sudanese pound against the US dollar on the black market.
In an official statement after the meeting, the President’s office unveiled that the government is in the process of securing sufficient loans and pumping millions of dollars into the market to help the economy gain momentum.
“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,” the Presidency announced on Wednesday.
South Sudan, after ending its conflict, has once again plunged into an economic crisis aggravated by poor monetary policies and corruption among senior government officials.
South Sudan’s government heavily relies on oil revenues
South Sudan is currently one of the most oil-dependent countries in the world with oil revenues accounting for 95% of government revenues.
Earlier this month, the country appointed a Tanzanian national, Dr. Patrick Mugoya as Commissioner-General of the National Revenue Authority, hoping to formulate an effective financial management system.
This was the second time that a regional economic expert has been assigned to oversee the country’s vital financial institution.
Reported by Buay Kapduel