By Philip Buda Ladu
The Council of Ministers has wholly approved a whopping 1.3 trillion ambitious 2022/2023 financial year budget with a deficit of over 558 billion SSP.
The Cabinet has authorized the minister of finance to source its funding directing the Revenue Authority and Ministry of Petroleum to increase their revenue collections to add up to the budget.
The available resources that should be mobilized are estimated at 832 billion South Sudan Pounds.
The Minister of Finance and Planning, Agak Achuil Achuil Lual, presented the financial year budget 2022/2023 in its complete form to the Council of Ministers in its regular meeting No.7/2022 chaired by the president on Friday.
The information minister and Government Spokesperson, Michael Makuei Lueth, told reporters during his media briefing shortly after the meeting.
He said that the budget was approved but passed with some amendments.
Last Friday the Finance minister presented to the Cabinet the first budget ceiling of 832 billion South Sudanese Pounds which was deliberated and referred back to the Minister of Finance to review and reconsider some of the priorities of the Government Ministries and institutions and report back to the Cabinet in the next meeting.
Makuei said the Minister of Finance following the directives to report back to make his final presentation to the Cabinet on Friday (yesterday), saying the amount presented is within the budget Chapters.
The Information Minister said over 832 billion was presented as the available resources which is part of the budget.
“The gross available resources is eight hundred and thirty-two billion, eight hundred and six million, nine hundred and thirty-five thousand, six hundred and seventy-eight (832,806,935,678) South Sudan Pounds (SSP)”
“The budget is also budgeted on a deficit, there is a financial gap which is added to the sum of five hundred and fifty-eight billion, six hundred and sixty-nine million, nine hundred and eighty thousand, seven hundred and seventy-four (558,669,980,774) South Sudanese Pounds” he added.
“This is a financial gap so if you add this to the available resources the budget will be within the range of 1.3 trillion pounds” Makuei stated.
The government spokesperson said, the over 1.3 trillion amount is the budget for the year financial 2022/2023 that contains a deficit of 558 billion pounds that need extra funding.
He said this deficit will be covered by increasing the collection of the non-oil revenues, and by increasing the production in the oil sector and also if possible by borrowing from other countries in order to cover the cost.
Makuei said Minister of Finance has been fully authorized to find out funding for this to cover this gap in the budget.
“This report was discussed and after thorough discussion the budget was passed and the Minister of Finance is directed to find out other sources of funding the financial gap and in addition to that the other revenue generating institutions such as Ministry of Petroleum and the Revenue Authority are directed to increase their revenues collections and generations so that this budget is unveil” Makuei stated.