Dr. James Alic Garang, the Governor of the Central Bank of South Sudan Juba. December 17, 2023. (Photo: Madrama James/Eye Radio)

The governor of the Bank of South Sudan has reiterated his call for all government institutions to encourage and promote fiscal discipline.

Fiscal discipline involves maintaining a balanced and sustainable government budget by controlling spending, limiting borrowing, and ensuring revenues meet or exceed expenditures.

Dr. James Alic Garang emphasized the need for stringent controls on borrowing.

He explained that any proposed loans must pass through several stages: review by the country’s loan committee, Ministry of Finance, Bank of South Sudan, and finally the National Cabinet before being approved by Parliament.

Speaking at the welcome ceremony for the new 1st Undersecretary of the National Ministry of Finance and Planning in Juba on August 20, 2024, Dr Alic stressed the importance of fiscal prudence for the country’s stability.

“There is an urgent need for us to embrace and promote fiscal discipline throughout the country,” he stated.

He also addressed the issue of improper documentation and emphasized that all institutions must adhere to established laws and procedures.

“Anyone interested in borrowing should apply to the loan committee. If approved, it proceeds to the Ministry of Finance, then to the Bank of South Sudan for due diligence, and finally to the Cabinet and Parliament,” Dr Alic explained.

“It’s crucial for all of us to observe fiscal prudence for the betterment of our nation.”