Finance Ministry Rolls Out Economic Plan to Reduce Dependence on Oil

(JUBA) – The Minister of Finance and Planning, Bak Barnaba Chol, has unveiled a new Economic Stabilisation and Structural Reforms Policy aimed at improving South Sudan’s economy and strengthening the country’s financial system.

The policy was introduced during a press conference in Juba on Wednesday following its approval by the Council of Ministers.

Bak said the document was developed through consultations with key financial institutions, sector ministries, and relevant authorities after a review of the country’s economic challenges.

He said the assessment identified currency instability, heavy dependence on oil revenue, rising fiscal pressure, and persistent inflation as major risks to economic stability.

According to the Minister, the policy focuses on strengthening fiscal discipline, improving budget credibility, and controlling public spending.

Key measures include halting new public sector recruitment, cancelling non statutory tax exemptions, introducing value added tax, implementing a Treasury Single Account, and ensuring timely payment of salaries to civil servants, organised forces, and foreign missions.

Bak said the reforms are intended to restore confidence in public finances and improve the government’s ability to manage limited resources.

He also stressed the need to prioritise investment in agriculture, mining, tourism, livestock, and fisheries in order to diversify the economy and reduce reliance on oil.

He said the policy promotes stronger public private partnerships and support for small and medium enterprises to expand productive sectors and create jobs.

The Minister said implementation will rely on close coordination among ministries and regular reporting to the Council of Ministers.

He added that progress will be monitored through clear reporting systems to ensure transparency, accountability, and compliance with public financial management reforms.

Bak said disciplined implementation of the policy is essential to stabilise the economy, improve living standards, and promote inclusive and sustainable growth.

The press conference was attended by the Deputy Minister of Finance and Planning, technical advisers, undersecretaries, and directors general.

Officials were instructed to ensure that the policy is applied effectively at the technical and administrative levels.