President Salva Kiir Mayardiit, urged the heads of the financial institutions to improve the economy.
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File: President Salva Kiir Mayardit, addressing heads of financial institutions in South Sudan. |
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President Salva Kiir Mayardit, today urged the newly appointed government officials to work together inorder to improve the economy and livelihood of the people of South Sudan.
President Kiir made the remarks while addressing the newly appointed Governor of the Bank of South Sudan.
President Kiir, was also addressing the newly appointed Governor of the bank of South Sudan Dr. James Alic Garang, second deputy governor, Nyiel Gordon Kuol and Chairperson of Civil Service Commission Dr. Julia Aker Duany.
The Minister of Presidential Affairs Dr. Barnaba Marial Benjamin described the appointment of the new officials as strategic as the government works out a plan to address the economic challenges facing the nation.
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South Sudan, Minister of Finance and Planning, Dr. Barnaba Bak Chol pledged to work with the new officials in an effort to transform the country's economy.
The Bank's Governor Dr. James Alic Garang said the new team at the economic institutions would work together to deliver on their mandate.
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The economy of South Sudan depends to a large degree on the oil sector. It accounts for more than half of gross domestic product ( GDP ), 95 per cent of exports, and about 90 per cent of government revenue.
According to African Development Bank Group, in the year 2021/2022, South Sudan real GDP was estimated to be 2.9%.
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However, after contracting 4.9% in 2020/21, driven by the oil sector. Oil production declined to 156,000 barrels a day in 2021/22 from 169,000 in 2020/21 after several oilfields were damaged by floods.
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