oil and gas

Troika urges accountability on South Sudan oil data, non-oil revenues

January 11, 2022

JUBA) – South Sudan’s unity government should ensure relevant data on oil and non-oil revenues are easily available to the public, the Troika said.

The move, the United States, United Kingdom and Norway (Troika) said in a joint statement is in line with the public financial management reforms aimed at enhancing transparency and accountability for the benefit of all South Sudanese.

In achieving this we stress that fiscal data – including on oil and non-oil revenues – should be published on the Ministry of Finance and Planning website regularly and without delay,” partly reads the joint statement extended to Sudan Tribune.

“Information should also be made public on any outstanding balance owed to Sudan on the Transitional Financing Arrangement and on any debt Sudan may now owe South Sudan from the oil it receives in-kind each day”.

Revenues from oil account for over 90 per cent of South Sudan’s annual budget.

The Troika also emphasized the importance of continuing and further strengthening the current reforms, which demonstrate the government’s commitment to the reform process and enhance trust with international partners.

“We urge South Sudan’s unity government and those now charged with leading economic recovery to continue such reforms, in line with R-ARCSS [Agreement on Resolution of the Conflict in the Republic of South Sudan] and South Sudan’s commitments under the IMF Staff Monitored Program,” stressed the statement.

According to the Troika, continued respect for the moratorium on incurring new non-concessional debt, including not issuing letters of guarantee, will spare ordinary citizens the burden of higher taxes or reduce public spending in future.

Sound monetary policy is key to maintaining low inflation and a stable exchange rate, both of which will help shield the people of South Sudan from rising prices, it noted.

“This means that the Bank of South Sudan must refrain from any monetary financing of the budget deficit. “We also stress the need for the budget to be debated and passed by the Revitalized Transitional Legislature and highlights that a fully functional Cash Management Committee is key to sound spending in line with budgetary allocations,” Troika added.

Members of the Troika, in their statement, said that they anticipate a full and complete audit of the second tranche of the IMF loan, as well as further progress on anti-money laundering reforms as per the Financial Action Task Force Plan.

We reiterate our commitment to a peaceful and prosperous South Sudan, in which the population benefits from public services, underpinned by transparent and accountable public financial management,” the statement concluded.

sudantribune



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