South Sudan to allocate proceeds from a cargo of oil monthly to pay salaries

(radiotamazuj.org)

South Sudan Minister of Finance and Economic Planning has announced that the government will allocate proceeds from one shipment of crude oil each month to pay civil servants. 

Minister Agak Achuil Lual made the statements after he met with President Salva Kiir Mayardit on Monday where they discussed the economic situation in the country.

The meeting, attended by the Minister of Presidential Affairs Dr. Barnaba Marial Benjamin, Minister of Petroleum Puot Kang, Governor of Central Bank Moses Makur Deng, and Economist Dr. Lual Achuek, also discussed the skyrocketing market prices and civil servants' salaries and arrears. 

“We have agreed that one cargo of crude will be earmarked for salaries, and every month that cargo will be sold in form of dollars, and proceeds will come to the Ministry of Finance and Planning and therefore the Ministry of Finance through the Bank of South Sudan will pay the salaries and arrears, by buying the South Sudanese pounds from the bank of South Sudan," Minister Achuil told reporters after the meeting.

He added, "The Bank of South Sudan will use the dollar to stabilize and maintain the dollar rate in the market as a short-term solution.” 

Meanwhile, petroleum minister Puot Kang urged the South Sudanese business community not to exaggerate the situation in the market by increasing the prices of commodities. 

Last May, the finance minister said the government could not pay civil servants' salaries due to an existing crude oil presale agreement running for the next five years.

Currently, civil servants have gone without pay for more than six months despite runaway inflation in the country.