South Sudan’s Finance Minister Outlines Economic Reform Plans
Dr. Bak Barnaba Chol, South Sudan’s newly appointed finance minister, pledged on Thursday to implement economic reforms and austerity measures aimed at stabilizing the struggling economy and reducing the country's reliance on oil revenues.
Commitment to Fiscal Discipline and Revenue Improvement
Speaking at a welcoming ceremony at the Ministry of Finance and Planning in Juba, Dr. Bak emphasized the government's intention to tighten spending and enhance domestic revenue collection to address one of the most challenging economic periods in South Sudan’s history.
“We must focus on increasing collection and reducing spending. The situation will remain difficult for the next few months before it improves,”
“Austerity measures encourage more collection but less spending—this is the only way to fix our economy.”
Continuing Ongoing Reforms
Having previously served as finance minister from August 2023 to March 2024, Dr. Bak described his return as an opportunity to advance reforms such as payroll verification, elimination of "ghost workers," and cancellation of unnecessary contracts.
He acknowledged that prior attempts to diversify the economy and enforce fiscal discipline encountered resistance both within government institutions and among social media critics, but reiterated the importance of persisting for the country's benefit.
“Last time, we tried to reduce dependency on oil revenues and focus on agriculture, mining and tax reforms.”
Author’s Summary
Dr. Bak Barnaba Chol commits to tough economic reforms and austerity to revive South Sudan’s economy, emphasizing spending cuts and revenue growth despite past resistance.