South Sudan tables 1.3 bln USD budget amid peace efforts

JUBA, July 8 (Xinhua) -- South Sudan on Monday presented the budget for the 2019/2020 financial year totaling 208,155 billion South Sudanese pounds (1.3 billion U.S. dollars) with a raft of measures aimed at consolidating peace in the country.

Finance minister Salvatore Garang Mabiordit said Juba will finance the budget deficit through boosting oil production and explore external backing from the international market based on mutual cooperation.

 "Allow me to table the draft 2019/2020 national budget, the 2019/2020 Appropriation Bill, and the 2019/2020 Financial Bill for consideration and approval by this August House," Garang told the lawmakers. 

South Sudan is struggling to increase production of crude oil, months after the signing of the peace deal in September 2018.

Currently it pumps about 175,000 barrels per day of crude oil.  The oil-rich nation in January earned 14.2 million dollars in non-oil revenue for the first time under the non-oil revenue mobilization and accountability project supported by the African Development Bank (AfDB).

The country depends heavily on oil revenue to finance its fiscal budget, but oil production has been disrupted since the outbreak of conflict in December 2013.  

 

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