10th February 2025
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Finance Minister Dongrin vows remedy for economic woes

Author: Chany Ninrew | Published: July 13, 2024

One U.S. dollar currently trades at around 3,000 South Sudanese pound in the Forex market. | Photo: Courtesy.

The newly appointed Minister of Finance and Planning Marial Dongrin Ater has promised to pursue realistic and viable actions to address South Sudan’s dire economic crisis.

President Kiir appointed Dongrin as Finance Minister in a Republican Decree on Wednesday, July 10, having fired Awow Daniel Chuang after serving for only three months in office.

Mr. Awow took over from Dr. Bak Barnaba Chol, who was sacked in March 2024 after replacing Dier Tong in August 2023.

This means President Kiir has appointed three finance ministers in just one year.

The appointment of Dongrin comes as the families struggle to feed themselves due to a crushing inflation that has triggered a sharp increase in commodity prices.

However, the finance minister says he is well aware of what he is working with and promises to provide remedy for the economic failure.

Dongrin spoke shortly after he was sworn on Thursdauy at a ceremony officiated by President Kiir, and this transcript was obtained from state-owned television SSBC.

“Your excellency, as I take up my duties and responsibilities, I am alive to the situation. However, my team in the Ministry of Finance and Planning, the larger economic sector and I will quickly determine a realistic and viable action to address pressing economic issues.”

South Sudan is suffering inflation after the Sudan war damaged facilities transporting its chief crude oil to the Red Sea, leaving the national currency weakened against the US dollar.

Civil servants and members of the organized forces have not been paid for nearly 10 months and the government has been operating for a month without a new fiscal year budget in place.

Recently, Sudanese oil firm – Bashayer Pipeline Company (BAPCO) – said the interruption of the flow of South Sudan oil through Sudanese pipelines has cost the economies of both nations millions of dollars in losses.

Engineer Mohamed Saleh Osman, who is also the company’s committee chairman, said the transportation of South Sudan oil through Sudan will resume after four months, contrary to an early statement projecting the resumption to July 2024.

South Sudan has topped the list of countries worst hit by food inflation in the world making it the only nation with the most expensive food prices, according to a June 2024 World Bank report.

The Food Security Update indicates that in South Sudan, food prices stand at an inflation rate of 164 per cent – while Zimbabwe comes second with 48 per cent followed by Liberia at (16%), Viet Nam (11%), and Haiti is fifth (at 11%).

 

 

 

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