South Sudan cabinet proposes $3.7bn financial year budget

June 26, 2015 (JUBA) – The South Sudanese cabinet has approved a SSP 10.8bn ($3.7bn) for fiscal year 2015/2016, prioritising security and salaries for civil servants.

The deputy information minister, Rachel Nyadak, said the proposal will be presented to lawmakers by finance and economic planning minister, David Deng Athorbei.

“The council deliberated, look at individual ministries and discussing the area of priorities and the council agreed to approve the budget is tabled to parliament by next week,” Nyadak told reporters in the South Sudanese capital, Juba.

The new budget is less than that of last year, which was estimated at about SSP 11bn.

“The budget approved by the council is 10,842,316,325 SSP,” said the deputy minister.

Global oil prices dropped from about $100 in 2014 to about $55 a barrel in 2015, causing a budget deficit in South Sudan. It is still unclear how government will fund the budget.

The South Sudan economy is funded from oil revenues, which account for 98 percent of its budget.

In May, the finance minister requested parliament to authorise a $500 million loan deal.

(ST)