South Sudan's English Daily Newspaper
"We Dare where others fear"
By Awan Achiek
The newly appointed Minister of Finance and Planning, Dr. Bak Barnaba Chol, announced plans on Thursday to reduce government spending and enhance revenue collection in an effort to stimulate the economy.
Speaking during his reception in Juba, Minister Bak said that the ministry would tighten spending and increase domestic revenue collection to revive the economy.
“This time we must focus on increasing collection and reducing spending. Essentially, we need to implement austerity measures,” Bak said.
Chol expressed his commitment to continuing economic reforms aimed at strengthening financial stability.
“I believe we will overcome this situation. Let’s persist with the reform programmes. The reforms we initiated previously were beginning to yield results,” he said.
“We must embrace change in our lives, even if it affects your position, because the country is more important than any individual.”
Bak outlined that his ministry would implement austerity measures to stabilise the country’s struggling economy.
“Austerity programmes are a set of economic policies that encourage increased collections while reducing spending. It is akin to a state of emergency in a security context. When circumstances become challenging, we must tighten our tools and policies to correct the situation,” he explained.
“This situation will remain difficult for the next few months before we address these issues and change the status quo. But I assure you, there are no miracles.”
He emphasised the need for individuals to manage their finances wisely amidst the ongoing economic crisis.
“Unless you change your spending habits, I urge you to spend wisely. Free yourself from unnecessary responsibilities and burdens. I know many of us live with extended families of 10, 20, or even 30 individuals,” he said.
“Please, consider halving that number if possible to reduce costs. I encourage you to cultivate and create additional sources of income rather than solely relying on a government salary.”
President Salva Kiir reappointed Bak on Monday as Minister of Finance and Economic Planning following the dismissal of his predecessor, Athian Diing Athian, amid months of worsening inflation and delays in public sector salaries.
