South Sudan has resolved into debt in order to revive the uncontrollable state of the economy. With current trading of $100:71,000 SSP, hyperinflation has forced shops to close down and for some known reasons, they will not be opened sooner.
In a press statement by office of the President, the results of an emergency extraordinary meeting that was chaired by the President yesterday, the government has told the public that it will secure loan and inject the hard currency into the market as a move to resurrect the economy.
The message reads:
H.E. Salva Kiir Mayardit, President of the Republic, called for an extraordinary meeting of the Council of Ministers to discuss the current Economic Crisis in the Country with particular focus on the hyperinflation rate in the market due to the announcement made by the Minister of Information and Communication, Michael Makuei Lueth mentioning a change of country’s Currency after the meeting of the previous Friday Cabinet meeting.
At the beginning of the session, President Salva Kiir questioned the Council of Ministers, why an announcement of currency change was made to the public last Friday yet it was not part of the agenda and resolutions of the previous cabinet meeting.
President Salva Kiir and some members of the cabinet mentioned that, the change of the country’s currency was brought up in the discussion of previous cabinet meetings as one of the proposed ideas to be subjected for study and discussions as one of the long-term economic measures but it was not agreed and passed by the council that time.
President Salva Kiir made assurance in the cabinet meeting that the government did not and has not agreed to change the currency of the country, but instead it was a suggestion, a proposed idea to be studied by the economists.
President Salva Kiir and the government is in a final process of acquiring a loan that will be injected in the market to stabilize the currency rates. In addition, the Council of Ministers meeting also agreed to divert and inject the oil money into the market to help in the stabilisation of the market .