South Sudan’s 2024-2025 fiscal budget aims to tackle economic crisis

JUBA – South Sudan’s Minister of Finance and Planning, Marial Dongrin Ater, has announced that the 2024-2025 budget outlines several key strategies to address the country’s ongoing economic crisis.

Dongrin revealed these plans during a closed-door meeting on Monday with eleven ministers from the economic cluster, including the Commissioner General of the National Revenue Authority, according to a lawmaker.

The ministers were summoned to discuss the prevailing hunger and economic challenges.

Speaking after a parliamentary session on Tuesday, Oliver Mori Benjamin, Chairman of the Parliamentary Committee for Information and Communication, said the finance minister informed MPs that the 2024-2025 budget included measures to address economic challenges and consolidate recovery.

“The general economic situation will be significantly influenced by the budget. However, members of parliament urged him to expedite the presentation of this overdue budget,” he said.

Mori noted that the budget, which is yet to be tabled in parliament, will aim to improve the economy and promote growth.

“The minister was urged to present the budget as soon as possible. He assured the house that it would not be long before he comes to table the budget,” he said.

He added that the budget would address specific issues such as the non-payment of salaries, the availability of services to the people, and the rising dollar rate.

South Sudan’s economy has faced significant pressures in recent years, with crude oil export revenue declining since 2013.

The economic outlook has been further worsened by disruptions in crude oil exports via Port Sudan due to the ongoing civil war in neighboring Sudan.

The South Sudan Pound (SSP) has continued to depreciate against the U.S. dollar, leading to high inflation and rising prices for basic commodities.

Despite attempts to revive the economy, including auctioning millions of dollars to commercial banks and forex bureaus, the South Sudan Pound has continued to lose value.