TROIKA-Urges gov’t to uphold economic recovery policy

By William Madouk Garang

The Troika (United States, United Kingdom, and Norway) have urged the government and those leading economic institutions to continue with the implementation of economic recovery policy to earn back the lost trust with partners.

According to the western nations, a ‘sound economic strategy is essential to maintaining low inflation and stable exchange rates which will protect the people of South Sudan from economic shocks.  

The United States, the United Kingdom, and Norway in their joint statement released Saturday, January 8, 2022, warned the government against incurring new non-concessional debt which will bring no good but harm to ordinary citizens who will be forced to pay high taxes or reduce the public spending in the future.

In the press release, the troika countries said that the fresh appointment in the country’s economic management comes at a serious time when the nation needs a reform process. 

“… as South Sudan is preparing to exit an IMF Staff Monitored Program and hopes to access a new loan in coming months. The Troika underscores that a faster pace is needed in the implementation of Public Financial Management reforms,” read in part the statement.

“In this regard, the Troika stresses the importance of continuing and further strengthening the current reforms, which will demonstrate the Government’s commitment to the reform process and enhance trust with international partners,” it added.

The Troika also commended a positive step taken by the county economic institutions for the last one year and a half on financial management, prudent monetary policy, and fruitful foreign exchange reforms which helped the nation.

“In achieving this we stress that fiscal data – including on oil and non-oil revenues – should be published on the Ministry of Finance and Planning website regularly and without delay.  Information should also be made public on any outstanding balance owed to Sudan on the Transitional Financing Arrangement and on any debt, Sudan may now owe South Sudan from the oil it receives in-kind each day,” Troika required.

Meanwhile, a renowned activist, Edmund Yakani of the Community Empowerment Progress Organization (CEPO), urged the government to officially respond to Troika’s statement with a clear roadmap for addressing Troika’s concerns.

“Time has come for the national ministry of finance and planning to demonstrate commitment and will to deliver the required public financial management reforms enshrined in R-ARCSS without any delay and compromise,” Yakani stressed.

“Revitalized Transitional National legislative assembly should act urgently in passing sounder national budget. Our ownership of the R-ARCSS has described the value of home-based funding for R-ARCSS implementation,” he added.

He added that timely economic reform and passing of fiscal budget and embracing transparency and accountability are possible ways to win donor and international community’s confidence. 

Despite the bountiful natural resource that the Republic of South Sudan enjoys, its economy remains in a fragile state, with the vast fertile agricultural land and huge number of livestock as well as other natural minerals lacking meaningful investment. 

error: Content is protected !!