South Sudan Government Treasury is out of Cash ,says President
By Deng Machol
Juba – South Sudanese President Salva Kiir has admitted that his country’s central bank has run out of foreign exchanges and there is nothing that could be done fix the economy miseries caused by the fifth – years old civil war.
President Kiir said the current economic crisis is one of the biggest challenges being faced by his government, says there is no immediate or short-term solution to the crisis is in sight.
To President Kiir, unless war stops for peace and stability to return to the country in order for investors and other money-generating activities to resume.
According to President, the value of the pound also keeps on deteriorating, something he said these facts have made South Sudan a “laughing stock” in the worldwide because of the ongoing crisis, while urging the new finance minister to work hard to address some of the challenges.
He point out that the leaders of the country have to think of ways to increase production so as to retain the currency’s value.
“That forceful taking of power has brought us now to this stage where we have no money in our bank, we have nothing and so we have become a laughing stock worldwide,” President Kiir said this statement during the swearing-in ceremony of the new Minister of Finance, Salvatore Garang Mabiordit, in reference to the outbreak of 2013 conflict, which started as power struggling within the ruling party, SPLM.
Finance Minister Garang was appointed on Monday evening in a presidential decree read on the state-owned television, succeeds Stephen Dhieu Dau, who had held the position since 2016.
President Kiir has furthered instructed a newly Finance Minister to work in collaboration with other Ministers in the Country.
“We’ve lost the value of our currency and there is nothing that we can do soon to retain our currency’s value unless we produce,” he stressed, adding “This is a challenge that is ahead of you and you [Finance Minister] must think how to get out of this.”
The South Sudanese leader pointed out that power struggle led the newest nation into a full-blown catastrophe and left his government’s broke.
Latest figures from the World Bank show the inflation in South Sudan has consistently been in triple digits over the last two years, with its gross domestic product experiencing an annual growth rate of -13.1 percent.
Analysts says the warring leaders should put aside their political’s interests and put first the interest of the people and the country so that they should demonstrate a willingness to accept and implement the 2015 peace agreement in good faith, and that would restore peace and stability, and therefore Country’s economic would recover.
The Country’s employees have gone unpaid for months as the majority of the civil population continues to rely on humanitarian assistance.
Tens of thousands of people have been killed and millions of the people have displaced from their homes since the outbreak conflict in late 2013 in Juba.
Despite global and regional efforts to salvage the East Africa’s youngest nation, the warring leaders have lack political will to end the conflict.