By William Madouk
Minister of Finance and Planning is set to table the 2024-2025 fiscal year before parliament today, Wednesday 25th September.
The government has been operating without a budget for three months since the Minister of Finance suspended payments at the end of the 2023-2024 fiscal year in June.
Mr. Marial Dongrin Ater was scheduled to present the national budget yesterday (Tuesday). However, a shortage of printed copies for lawmakers forced the House to reschedule the session for tomorrow, Wednesday.
Parliament clerk, Makuc Makuc informed lawmakers that the “tabling of the FY 2024/2025 national budget, originally scheduled for Tuesday, September 24, 2024, has been postponed to Wednesday, September 25, 2024. This delay will allow the Secretariat Department adequate time to distribute the budget documents before the session.”
In August, the Council of Ministers approved a revised fiscal budget of 4.2 trillion South Sudanese pounds (SSP) for the 2024-2025 financial year. This proposed budget carries a deficit of 1.9 trillion SSP, which accounts for 45% of total expenditures.
The previous budget estimate of 2.4 trillion SSP, submitted by former Minister of Finance Eng. Awow Daniel Chuang, was rejected by the Cabinet due to insufficient prioritization of key inputs.
Deputy Minister of Information Jacob Maiju Korok indicated earlier that the government aims to address the budget deficit amid an ongoing economic crisis exacerbated by a 70% drop in oil exports, which constitute over 90% of government revenues.
“To mitigate this deficit, the government will implement several financial strategies, including the resumption of Dar blend exports, exchange rate realignment, seeking grants, and securing borrowings,” he explained.
The government plans to introduce austerity measures such as rationalizing expenditures, cutting capital investments, and reducing foreign travel to better manage the financial shortfall.
Once the Minister of Finance presents the long-awaited budget, Parliament will scrutinize and approve it.
Following approval, the national fiscal budget will be sent to the President for assent, officially guiding the government’s financial transactions and expenditures moving forward.