By Matik Kueth
King News 17th Sept 2024, The Ministry of Finance has unveiled a sprawling strategy aiming at expanding digital financial inclusion and enhancing income collection to stabilize South Sudan’s economy.
Speaking at a press conference on Monday, Marial Dongrin, underlined crucial steps intended to enhance South Sudan’s economic growth.
“I wish to assure the public that the government is determined to continue strengthening our currency, stabilize markets and foster a conducive environment for economic growth. And this momentum will be maintained to overcome the prevailing challenges and achieve prosperity,” Dongrin said.
He said the measures would help alleviate food shortages and guarantee affordable prices, stressing that the Ministry of Trade and Industry is spearheading efforts to guarantee a consistent and easily available supply of basic goods and other necessities.
According to Dongrin, in order to increase revenue mobility, the Ministry of Finance will collaborate with the South Sudan Revenue Authority to expedite tax compliance and revenue collection procedures.
He stated that the finance ministry will pay salaries and operating costs for ministries, departments and agencies through bank accounts.
“These initiatives will enhance financial efficiency, reduce risks associated with excessive cash circulation, and to improve transparency,” he stressed.
He added, “The banking sector is expected to simplify procedures for electronic transactions, and the telecommunication operators are to intensify public awareness campaigns on mobile banking services.”
However, Dongrin noted that in order to solve urgent economic issues, the government also intends to pursue concessional loans and grants from bilateral and international partners.
“We are currently actively engaging bilateral and multilateral partners for concessional loans and grants to address pressing economic challenges. These funds have already been marked to support key sectors and stimulate economic growth. And to reduce reliance on car transactions, we are promoting the adoption of mobile money and electronic banking solutions,” he emphasized.