South Sudan unveils plan to tackle runaway inflation

JUBA – South Sudan’s government has announced measures to curb the country’s rising inflation, including increasing non-oil revenues and subsidizing food prices.

The plan was announced following a meeting between President Salva Kiir Mayardit and leaders of the economic cluster, such as the ministers of finance, petroleum and the governor of the country’s central bank in Juba on Monday.

Kiir emphasized the need for cooperation to stabilize the economy, according to the presidential press unit.

Bangasi Joseph Bakosoro, speaking to the media after the meeting said “the meeting resolved the following: increase in non-oil revenue collections, supply of enough food into the markets at subsidized prices.”

Other measures include supplying more fuel, allocating funds to agriculture, auctioning hard currency to stabilize the exchange rate, banning street sales of foreign currency, and removing illegal checkpoints.

Bakosoro emphasized the government’s commitment to fighting inflation and creating a better economic environment.

The South Sudanese pound has weakened significantly against the US dollar, leading to soaring prices and hardship for many families.

The official exchange rate is SSP 1,518 per dollar, while the black-market rate is SSP 1,700.