Troika Statement on Public Financial Management Reform

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As South Sudan is preparing to end its IMF staff monitoring program and hopes to receive new loans within the next few months, a recent important appointment related to South Sudan’s economic management is for the reform process. It’s an important time. Troika emphasizes the need for a faster pace to implement public financial management reforms. In this regard, Troika emphasizes the importance of continuing and further strengthening current reforms. This will show the government’s commitment to the reform process and build trust with its international partners.

South Sudan has made significant progress in public financial management reforms over the past year and a half, including prudent monetary policy, successful foreign exchange reforms, and measures for sounder public money management. These measures have already benefited South Sudanese people through more stable exchange rates and slower inflation. We urge the Government of South Sudan and those who are currently leading the economic recovery to continue such reforms in line with the R-ARCSS and South Sudan’s commitments under the IMF Staff Oversight Program.

Troika emphasized that Moratorium’s continued respect for new non-concessional debt, including not issuing guarantees, would avoid the burden of future tax increases and cuts on public spending on the general public. There is. Troika further emphasizes that sound monetary policy is the key to maintaining low inflation and stable exchange rates, both of which help protect South Sudanese people from rising prices. This is because the South Sudan Bank has a shortage of budget. Troika also emphasizes the need for budgets to be discussed and passed by the TNLA, and emphasizes that a fully functioning cash management committee is the key to sound spending in line with budget allocations.

Troika looks forward to providing continued support to the South Sudanese government, including its recent appointees, in strengthening transparency and accountability for the benefit of all South Sudanese. To achieve this, we emphasize that financial data, including oil and non-oil revenue, should be published regularly and without delay on the Ministry of Finance’s website. We also need to disclose information about the outstanding balance owed to Sudan regarding the provisional financing arrangements and the potential debt owed to South Sudan from the oil that Sudan receives daily in kind. Troika looks forward to a full and complete audit of the second tranche of the IMF RC F loan and further progress in money laundering prevention reforms under the FATF Action Plan.

The South Sudanese economy remains fragile and the profits gained can be quickly revoked at great cost to the people. Troika reiterates its commitment to peaceful and prosperous South Sudan. There, the public benefits from public services, supported by transparent and accountable public financial management. To that end, Troika looks forward to working with new appointees to promote and deepen public financial management reforms.

Distributed by the APO Group on behalf of the US Embassy in South Sudan.

Troika Statement on Public Financial Management Reform

Source link Troika Statement on Public Financial Management Reform

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