Ministry of finance discusses management of oil revenues

October 28, 2011 (JUBA) – The ministry of finance and economic planning in South Sudan is engaged in a three day workshop to discuss better ways of managing the oil revenues, which account for 98% of South Sudan’s budget.

Non-oil revenues are not yet developed and organised in the country, which is one of the poorest in the world and is recovering from decades of conflict.

On Friday the country’s finance ministry organised a workshop which brought in experts from foreign countries to share their experiences in the management of the sector.

South Sudan took with it 75% of Sudan’s oil when it seceded in July this year. The two countries are still negotiating over the costs of exporting South Sudan’s oil through north Sudan where the only pipelines and refineries are.

In his opening remarks, the Vice President, Riek Machar, stressed the importance of the exercise, saying the nation should find better ways of managing the revenues.

“It will take statesmanship, fiscal discipline, determination and a clear policy to ensure our oil revenue is managed wisely and to promote economic growth and diversification of the economy,” he told the audience.

The government recently passed a resolution closing down all illegal tax collection points across the nation.

Hundreds of millions of dollars are lost every year to the unauthorised and dishonest tax collection officers.

(ST)