Advocacy group calls for financial reforms in S. Sudan

February 10, 2022 (JUBA) – An advocacy group has for called radical reforms as well as transformation of public financial management systems to ensure transparency and accountability in South Sudan.

The Center for Peace and Advocacy (CPA) call comes weeks after South Sudan signed a $43.7 million tripartite agreement with the African Development Bank (AfDB) to enhance private sector enterprise.

CPA’s Executive Director, Ter Manyang Gatwech said the grant should be implemented to fulfill need of the targeted beneficiaries.

“The only way South Sudan can recuperate its economy is to put in place strong systems that will ensure a prudent, transparent and accountable management of national wealth and resources,” he said.

Gatwech stressed the importance of promoting citizens’ welfare.

Last month, the Troika member states called for expedition in the implementation of public financial management reforms in South Sudan, saying strengthening of such reforms demonstrate government’s commitment to reform process and enhance trust with global partners.

South Sudan made significant progress on public financial management reforms, including prudent monetary policy, successful foreign exchange reform and steps towards sounder public cash management.

These steps, according to the Troika, have already benefitted South Sudan’s people through a more stable exchange rate and slower inflation.

Gatwech urged government of South Sudan and those now charged with leading economic recovery to continue such reforms, in line with the September 2018 peace agreement and South Sudan’s commitments under the International Monetary Fund (IMF) staff monitored program.

“A sound monetary policy is key to maintaining low inflation and a stable exchange rate, both of which will help shield the people of South Sudan from rising prices: this means that the Bank of South Sudan must refrain from any monetary financing of the budget deficit,” he stressed.

Oil revenues constitute more than 98% South Sudan’s annual budget.

(ST)