Speaking during a reception ceremony in Juba on Thursday, Dr. Bak acknowledged the challenges facing the economy and expressed his commitment to restoring fiscal discipline and stability.
“In this ailing economy that depends heavily on oil revenues, it is very important that we implement policies that will diversify our economy,” Bak said. “We need to enhance productivity across different sectors to promote economic growth and ensure sustainable development.”
South Sudan’s economy remains largely dependent on oil, which accounts for over 90 percent of government revenue. However, frequent disruptions to production, global price fluctuations, and internal mismanagement have repeatedly triggered inflation, currency depreciation, and salary arrears for public servants.
Dr. Bak, who previously served as Finance Minister from August 2023 to March 2024, said his renewed tenure would prioritize reforms aimed at stabilizing the economy and improving public sector accountability.
“During my previous time in office, we took tough measures, including removing ghost names from the government payroll and stopping random spending outside the approved budget,” he noted. “Those decisions were not easy, and many people opposed them. But they were necessary to clean up the system.”
Bak appealed to civil servants to exercise patience as the ministry works to restore timely payment of salaries and incentives, emphasizing that the government is aware of the hardship faced by workers.
“To my staff at the Ministry of Finance and Planning, please be patient. I have heard your voices. I know you are suffering,” he said. “I may not have something to offer you right away, but as soon as things change, I will ensure your welfare is prioritized.”
He also expressed empathy for ordinary South Sudanese struggling under the weight of inflation and a weak local currency. “People are suffering, and living conditions have deteriorated. We must all rally behind an economic relief program to change this situation,” he added.
Dr. Bak’s reappointment by President Salva Kiir on Monday follows the dismissal of his predecessor, Athian Diing Athian, after months of worsening inflation, delayed public sector wages, and growing frustration among civil servants.
Bak, a trained economist with years of experience in financial management and economic policy, is widely seen as a reform-minded technocrat. His return to the ministry comes at a critical time when South Sudan faces mounting pressure to expand non-oil revenue sources such as agriculture, mining, trade, and manufacturing.
Economists say Bak’s success will depend on his ability to balance political pressures with fiscal reforms and to attract investment in key sectors that can support long-term economic transformation.
“Diversification is not just a policy slogan—it’s the only path toward a stable, self-reliant economy,” Bak emphasized. “And that is what we must achieve together.”
