Minister Bak presents 2025/2026 fiscal year budget to parliament. Photo credits: Department of Communication, Ministry of Finance and Economic Planning.
(JUBA) -The Minister of Finance and Planning, Hon. Dr. Bak Barnaba Chol has presented the draft National Budget, Appropriation Bill and Finance Bill for the fiscal year 2025/2026 to the Transitional National Legislature for consideration and approval on Tuesday.
In his speech to the joint August House, Minister Bak reiterated that “the FY 25/26 budget has been prepared in an environment characterized by fiscal stress, inflationary pressures and structural vulnerabilities exacerbated by oil production disruption and external shocks”.
Bak however stressed the government’s fiscal policy stance as being guided by stabilization of the economy, control of inflation, eliminating non-statutory tax exemptions to increase revenue mobilization, prudent expenditure, timely payment of salaries, debt servicing and strengthening public financial management reforms.
The fiscal aggregate for the FY 2025/2026 draft budget was tabled at a tune of SSP 7.0 trillion for resource envelope, SSP 8.58 trillion for expenditure ceiling and a fiscal deficit of SSP 1.58 trillion. The budget, which will be fully financed domestically comprises of SSP 5.22 trillion expected from oil revenues and SSP 1.78 trillion to be raised through non-oil sources.
For her part, the speaker of the Transitional National Legislature, Rt. Hon. Jemma Nunu Kumba directed the concerned parliamentary specialized committees to review the draft budget documents and report to the August house for further deliberation and possibly pass the budget within the legal time frame.
According to the Communication Department at the Ministry of Finance and Economic Planning, the Fiscal Year 2025/2026 draft Budget was presented to the Transitional National Legislature under the theme; “To foster economic recovery through macroeconomic stability, improved livelihoods and democratic transition”.
Discover more from Access Radio Yei News
Subscribe to get the latest posts sent to your email.
