June 17, 2018 (JUBA) – South Sudan cabinet on Thursday adopted a 82 billion South Sudan Pounds ($584 million) budget for the 2018-2019 fiscal year.
- South Sudan’s Information Minister Michael Makuei (File photo Samir Bol/Anadolu Agency/Getty Images)
This year’s budgetary figure presented a 75% increase when compared to what was approved during the 2017-2018 fiscal year.
South Sudan’s information minister, Michael Makuei Lueth said the proposed budget is to be presented to MPs for approval next week.
It, however, remains unclear how the war-torn nation will finance its budget, given its struggling economy amidst the ever-rising inflation figures.
South Sudan got the lion’s share of the oil when it split from Sudan in July 2011, but it’s only export route is through Sudan, giving Khartoum leverage and leading to ongoing pricing disputes.
Since its independence, South Sudan has relied on oil for all its incomes, a situation that has significantly compounded the ongoing political and economic instability, due to the fall in crude oil prices.
Oil production in South Sudan has, however, been affected by the conflict that erupted in 2013 after a political disagreement between President Salva Kiir and his then deputy, Riek Machar, triggered war.