Central Bank accuses ‘greedy people’ for obstructing financial reforms

The South Sudan economic reforms are stagnating because some greedy individuals want to control the exchange rate in the black market, the Central Bank Governor Moses Makur Deng has claimed.

“Some powerful people want the black-market rate and official rate. They want to get dollars at the official rate and sell at the black market rate. These groups are likely not to be happy with the current reforms because they used to benefit from the old system.

“The IMF and world bank have been supporting us and they were impressed by the reform that we have done, we were praised for the first time that you have done something good and only we need you to sustain what you have achieved and we told them that we cannot guarantee the sustainability unless we are supported,” he said.

On his part, the Minister of Finance and Planning Agak Achuil Lual said that they had positive discussions in the areas of the ongoing public financial management (PFM) reform which include successful implementation of the Rapid Credit Facility, and harmonization of the exchange rate and payment of the salary arrears.

“I highlight the importance of continued support from IMF to sustain the gains made so far in PFM reforms, enable the government to manage the inflationary pressures and ensure availability and affordability of essential commodities and services,” he said.

He assured us that they are committed to continue implementing the PFM reforms to ensure that the resources of the country are used efficiently for the benefit of all South Sudanese.

“I would like to inform you that our mission to Washington DC was successful. We clearly presented the case for continued support for South Sudan. Both the World Bank and IMF have committed to continue supporting the people and the government of South Sudan,” he said.

 He appreciated the World Bank and IMF for the strong partnership and increased support to South Sudan, especially during the COVID-19 pandemic.