Agak Achuil, the minister of finance and economic planning - Credit | Office of the President | May 11, 2022

The government approved the sale of one cargo of crude oil every month to pay the salary of civil servants, the Minister of Finance has said.

This came after President Kiir directed heads of financial institutions and senior government officials to find a short-term solution to stabilize the economy.

The president was briefed on the current economic situation in the Country.

They include Dr. Barnaba Marial Benjamin, the minister for Presidential Affairs, Agak Achuil Lual, Minister of Finance and Planning, Puot Kang, Minister of Petroleum, Moses Makur Deng, the Governor of Central Bank Dr. Lual Achuek, an Economic expert.

According to the Office of the President, the meeting focused on the current economic situation in the Country.

It also discussed measures on how to mitigate the rising prices of food commodities in the market, dollar rates, and payment of salary arrears for civil servants.

Minister of finance and economic planning Agak Acuel told the press that the meeting agreed that one cargo of crude will be earmarked for salaries.

The bank of South Sudan will use the dollar to stabilize and maintain the dollar rate in the market as a short-term solution.

“We have agreed that one cargo of crude will be earmarked for salaries, and every month that cargo will be sold in the form of dollars and proceeds will come to the Ministry of Finance and Planning,” said Agak.

“The Ministry of Finance through the Bank of South Sudan will pay the salaries and arrears, by buying the South Sudanese pounds from the bank of South Sudan,

“The bank of South Sudan will use the dollar to stabilize and maintain the dollar rate in the market as a short-term solution.”

For his part, the Minister of Petroleum Puot Kang urged the business community not to exaggerate the situation in the market by raising the prices of commodities.

Last month, the Central Bank auctioned nearly 50 million US dollars to Forex bureaus and commercial banks, as a measure to stabilize the skyrocketing exchange rate.

Economists have criticized the policy of auctioning hard currency by the Central Bank to commercial banks, saying it has failed to lower the inflation rate and benefits only the foreign bankers.

Last month, President Salva Kiir ordered the national Ministry for Finance and Planning to clear all the salary arrears of civil servants, both within the country and at foreign missions.

The directive was issued by President Salva Kiir during his state of the nation address on the 11th independence anniversary celebration.

Kiir said his government had embarked on putting in place permanent solutions to the economic crisis the country currently faces.