Finance Ministry Told to End Bank Withdrawal Limits in South Sudan

(JUBA) – Commercial banks in South Sudan have been ordered to remove all restrictions on cash withdrawals by the public, following a resolution passed by the country’s Economic Cluster on Wednesday.

The decision was reached during an ordinary meeting chaired by Vice President Prof. James Wani Igga at his office in Juba.

The Cluster directed the Ministry of Finance and Planning and the Bank of South Sudan to put the new policy into effect immediately and to develop improved strategies for tackling the nation’s wider financial difficulties.

To boost government revenue, the Cluster also decided to enforce an existing Council of Ministers resolution on Non-Statutory Tax Exemptions.

Members described such exemptions as harmful to the economy, noting they significantly weaken the collection of non-oil revenue.

A new Inter-Agency Economic Reform Task Force was also approved. This body, to be led by the Ministry of Finance and Planning, will review all strategies put forward by the Economic Cluster.

Speaking to the media after the meeting, the Cluster’s Spokesperson, Hon. Lily Albino Akol, who also serves as Deputy Minister of Agriculture and Food Security, said the resolutions were designed to tackle the country’s financial problems.

She added that the decisions will be sent to the Council of Ministers for further discussion and final approval.