South Sudan's English Daily Newspaper
"We Dare where others fear"
By Simon Deng
President Salva Kiir Mayardit on Monday convened a crucial meeting with the Economic Cluster under Vice President James Wani Igga in a bid to rein in the high inflation amid the depreciation of the South Sudan Pound.
Bangasi Joseph Bakosoro, the Minister for Presidential Affairs said in a statement issued on Monday that the meeting focused on how to strategize and implement measures to curb the persistent inflationary pressures affecting the economy.
“The Head of State directed members of the Economic Cluster to work on collaborative efforts, aimed at taming inflation and steering the nation’s economy towards sustainable growth,” said Bakosoro.
He disclosed that the leaders also resolved to supply enough fuel into the country, allocation of more money to agriculture sector and the auctioning of a sizable amount of hard currency to stabilize the exchange rate.
Bakosoro revealed that the President emphasized the importance of collaboration among government institutions to stabilize prices, promote economic growth, and ensure financial stability.
He also said that the meeting resolved to ban the selling of U.S dollars and other foreign currencies on the streets and illegal checkpoints across the country, adding that security forces have been directed to immediately implement the directives.
“The outcome of the meeting underscores a united commitment from the leaders to combat inflation and foster a conducive economic environment for all citizens,” said Bakasoro.
The meeting which was also attended by leaders from various economic institutions, resolved increasing non-oil revenue collections, and supply of foodstuff into markets at subsidized prices.
The South Sudanese Pounds has recently hit its lowest value against the dollar as it is exchanging 1800 SSP per dollar.
