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South Sudan Will Spend $584 million For 2018-2019 Fiscal Year

Business

South Sudan Will Spend $584 million For 2018-2019 Fiscal Year

The government of South Sudan is expected this week to present before Parliament a proposed budget worth $584 million for approval. It is the smallest compared to other East African Economies.

South Sudan’s information minister, Michael Makuei Lueth said this year’s budget represented a 75% increase compared to the 2017-2018 fiscal year.

Last week, cabinet adopted 82 billion South Sudan Pounds ($584 million) budget for the 2018-2019 fiscal year.

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.

It, however, remains unclear how the war-torn nation will finance its budget, given its struggling economy amidst the ever-rising inflation figures.

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