KIIR-Forms Economic Crisis Committee
By James Atem Kuir
President Salva Kiir Mayardit on Tuesday formed an Economic Crisis Management Committee to resolve the current problems caused by the fall of the prices of oil in the world market.
According to a Presidential Order read on the State Corporation-SSBC, the committee will be chaired by Vice President for Economic Cluster, Dr. James Wani Igga and also comprises of Ministers of Finance and Planning, Trade and Industry, Petroleum and Mining as members.
Equally, the Governor of Central Bank, Inspector General of Police, Director General of Internal Security Bureau, Deputy Commissioner of National Revenue Authority and Dean of the College of Economic University of Juba are also involved.
According to the document the committee was tasked with reorganizing the collection of none-oil revenues into government treasuries, oversee and screen all financial payments and transactions by the Ministry of Finance and Planning, and access speedy measures to be undertaken towards managing the current economic crisis.
The crisis management committee is also expected to inspect the country’s economic sector performance and come out with recommendations on immediate policy review and economic improvements for implementation.
However, South Sudanese Pound continues to decline in value against the US Dollar as a result of drop in the prices of oil in the world market, and the impacts of the just ended civil war.
The country’s economy depend almost entirely on oil revenues, with its none-oil income collections reportedly faced by mismanagement by some senior officials diverting the taxes into their private bank accounts.
As of yesterday in Juba, 1 USD was selling at 420 SSP in the black market and 160 SSP in Central Bank, a situation that has sparked hikes in the prices of commodities in most markets in the country.