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Published on 2024-03-06 18:55:33
President Salva Kiir took decisive action to address the hyperinflation crisis in the country by convening a meeting of the economic cluster. This meeting aimed to find solutions to the increasing prices and economic instability affecting the nation. The key outcomes of the meeting included:
1. Increasing non-oil revenue collections and ensuring a sufficient supply of food in the markets at subsidized prices.
2. Ensuring an adequate supply of fuel in the country to stabilize prices and provide energy security.
3. Allocating more funds to the agriculture sector to support farmers and boost food production.
4. Auctioning a significant amount of hard currency to stabilize the exchange rate and control inflation.
5. Banning the selling of dollars and other currencies on the streets to prevent illegal trading activities.
6. Removing all illegal checkpoints throughout the country to streamline the movement of goods and people.
President Kiir directed the security forces to immediately implement these directives to address the economic challenges facing the nation. The meeting was attended by key officials from the economic cluster, including Vice President James Wani Iga, Presidential Adviser Tut Gatluak Manime, Minister of Finance Bak Barnaba, Senior Presidential Envoy Benjamin Bol Mel, Minister of Presidential Affairs Joseph Bangasi Bakasoro, Minister of Petroleum Puot Kang, Minister of Trade and Industry William Anyuon Kuol, Governor of Bank of South Sudan James Alic Garang, and other high-ranking officials.
The government’s focus on increasing revenue, supporting key sectors like agriculture, and ensuring price stability through currency interventions demonstrates a commitment to addressing the root causes of hyperinflation. By banning street trading of currencies and removing illegal checkpoints, the government aims to create a more transparent and efficient economic environment for businesses and consumers.
The decision to allocate more funds to the agriculture sector is crucial, especially during the current farming season. Supporting farmers with resources and incentives can boost food production, reduce food insecurity, and contribute to overall economic stability. Additionally, ensuring a steady supply of fuel in the country is essential for transportation, agriculture, and other sectors that rely on energy resources.
The auctioning of hard currency to stabilize the exchange rate is a proactive measure to control inflation and prevent further depreciation of the national currency. By addressing the challenges in the foreign exchange market, the government can create a more predictable environment for businesses and investors while safeguarding the purchasing power of consumers.
Overall, President Kiir’s actions reflect a comprehensive strategy to tackle the economic challenges facing South Sudan. By prioritizing key sectors, implementing targeted interventions, and strengthening enforcement mechanisms, the government aims to restore economic stability and improve the living standards of its citizens. Through collaborative efforts and decisive leadership, South Sudan can navigate through the current crisis and build a more resilient economy for the future.
Read the original article on Talk of Juba
