National Legislative Assembly - Courtesy

The national parliament on Tuesday passed a 1.4 trillion pounds fiscal budget for 2022/2023 with a deficit of 560 billion pounds.

The budget sealing will be raised through the oil proceeds estimated at 715 billion pounds and non-oil revenue sources to the tune of 117 billion pounds.

This means the total resource envelope available is 832 billion pounds.

Changkuoth Bishiock Reath who is the Chairperson of the Economic Committee at the Revitalized Transitional Legislative Assembly explained this to reporters on Tuesday.

“This year’s budget is 1.4 trillion, that is the budget that was passed, and this is the same budget that was passed by the cabinet. Out of this budget, 560 billion is a deficit,” said the chairperson of the finance committee.

“Out of the resources we have, 715 from oil revenue and 117 from non oil revenue which brings the total of 832 billion SSP. But the whole expenditure is estimated at 1.4 trillion dollars.”

It is not clear how the government is going to cover the deficit in the budget expected to come into force soon.

According to the Country’s Constitution, the financial year begins on July 1^st.

But in August, President Kiir delayed the implementation stating that the government was yet working to clear arrears of civil servants, and was financing debts, among others.