Home | News    Thursday 31 August 2017

S. Sudan does not keep oil revenues in central bank: report

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August 30, 2017 (JUBA) - South Sudan government does not keep revenues acquired from the sale of its oil resources in the country’s Central Bank, a new parliamentary committee report has shown.

This revelation shocked members of parliament and the general public.

“We were surprised as the leadership of parliamentary committee responsible for finance and economic planning when we carried out the research. We found out the revenues accruing from oil are not deposited into the Bank of South Sudan”, a lawmaker, who preferred anonymity, told Sudan Tribune on Wednesday.

“This means there is nothing being kept by the central bank and it has no use. What we were made to understand is that the central bank keeps only the local pound and may be some funds from international organizations and banks. It is an unusual situation world over. The bank literally has no reserves as I talk to you. It is empty. Whatever was there before the war has been depleted”, he added.

Another equally shocked lawmaker said the parliamentary committee had, during the last budget debate, recommended coordination between the ministry of finance and the Central Bank.

“What was discovered by the committee to the surprise of the house is contrary to usual custom where the Central Bank is the custodian of the government money.
This, in consequence, has deprived the Central Bank of hard currency inflows, despite the memorandum of understanding signed between the Ministry of Finance and Planning and Bank of South Sudan on the custody of all foreign currencies in the country,” the lawmaker separately told Sudan Tribune.

“The committee directs the ministry of finance to respect the content of the memorandum of understanding” he further observed.

The committee, the legislator said, invited the Governor of the Bank of South Sudan (BSS) and his technocrats on Thursday 17, August 2017 to come and explain the monetary policies of South Sudan.

“This is because any economic stabilization policy requires the harmonization of fiscal and monetary policies to create the necessary synergy for reversing inflation, exchange rate and unemployment,” explained the lawmaker.

He, however, disclosed that during discussions with members of the Central Bank, the committee learned that the finance ministry prepared the FY 2017/18 budget minus involving Central Bank staffs.

“We have reason to believe that this practice hinders the harmonization of fiscal and monitory policy necessary to control inflation, prices and exchange rates. The Committee, therefore, directs that the Ministry of Finance and BSS coordinate all the Budgeting process together as a matter of law and practice”, the committee note in an explanatory note,” he further stated.

South Sudan, heavily reliant on oil revenues to fund its budget, is one of poorest countries in the world with worst indicators on development, health and education.

The East African nation is experiencing high inflation, with severe fuel shortages, consumers queuing for hours outside fuel stations and often paying way over the new prices for black-market products.

The conflict, which broke out in 2013, has negatively impacted on the country’s citizens, including pushing the country to the brink of famine with 5.8 million people, almost half of the population—in desperate need of humanitarian assistance, according to a United Nations assessment report.

Observers say despite being oil-rich, South Sudan is likely to record negative Gross Domestic Product (GDP) growth in 2017 after growing by 30.7% two years ago, largely due to the conflict, declines in its oil production and global fall in oil prices.

(ST)

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  • 31 August 07:10, by Rumbek S. Sudan

    This is a shock to the whole nation, not only to some members of parliament. This means the parliamentary committee on Finance knows this. Where is the zero tolerance on corruption which Mr. President has been talking about? Salva Kiir, you are shame to this country!!! May all innocent blood shed and the suffering of all South Sudanese be on your neck!!!

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    • 31 August 08:09, by Kuch

      Rumbek S. Sudan,
      Don’t you fellows just take the polemic lies often posted by foreign online tabloids like SUDAN TRIBUNE & RADIO TAMZUJ & Other foreign propagandists on face value. SUDAN TRIBUNE & RADIO TAMZUJ & Other foreign propagandists are out in force in the destruction of our country & our people fellows. SUDAN TRIBUNE is edited in France by our cloned arab North Sudanese criminal fellows>>>

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      • 31 August 08:16, by Kuch

        These foreign criminals have realized that their Riek Machar puppet/stooge aimless armed rebellion to destroy our country has been squashed. And so they are just throw every slime at their disposal at the government of South Sudan to enrage the South Sudanese people towards the government & to cause yet another problem in our country. Remember fellows, we have not got rid of our evil cloned arabs>

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        • 31 August 08:23, by Kuch

          of North Sudan on our back fellows. Divide & conquer is how these cloned arabs of North Sudan happened to wedge their evil feet into our country & it has now becomes our biggest nightmare to push the evils back to Saudi Arabia & Yemen where the evils hailed from. They always take advantage our people useless & trivial tribal wars And some our of Nuers, Shilluks, Fertits & some Equatorians>>>

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          • 31 August 08:32, by Kuch

            have always been their allies in their ’divide & conquer’ game in our country. Remember fellows, during our genuine war of independence, the same some of our Nuers, Fertits, some Shilluks & some Equatorians they have been using in their recently crushed aimless armed rebellion were the same idiots they used to bully the SPLA? Fellows, we have a lot of enemies who want destroy our country>>>

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            • 31 August 08:38, by Kuch

              at all costs like Eastern Congo, car, Libya, Yemen, Syria, Afghanistan or Ukraine and then the hyenas can then plunder our country just they are now currently doing in the countries that l have just mentioned above. Many of our people just don’t to want understand the sinister project being played around in our country & against our people by our enemies but they will understand some of these days

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              • 31 August 08:46, by Kuch

                >>>do you fellows know the reason why no one talks about the massive problems in Congo, Nigeria, Darfur, Eastern Sudan, Southern Khordupan, Southern Blue Nile, Libya, ethiopia, Somalia, Kenya and other countries; but our country & our people are the ones whose these foreign criminals love about all the times. The reason is because our country is being Geo-politically football played around by our>

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                • 31 August 08:53, by Kuch

                  enemies just like what they did during their cold war in 1960s-1991 in countries like Congo, Angola, Mozambique, ethiopia, Algeria, Cuba, South America, Eastern Europe, Vietnam, Loas et al. And they hope our country can be re-united with our cloned arab North Sudan just like they did with their ’East and West Germany’. Some that is not going to happen under the sun as far as we are concerned>>>

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                  • 31 August 08:59, by Kuch

                    Fellows, l always posted on this web site that the US, the UK, their UN, their NGOs & some of their allies in between love affair with our country & our people has gone too far. And we are going to a full stop to it. The evils do not know the level of hatred we have towards the cloned so-called arabs of North Sudan is ingrained in our DNAs. The criminals in the US, the UK, their UN, NGOs & some>>>

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                    • 31 August 09:06, by Kuch

                      of their criminals in between do not know that here in Sudan, we have never ever been a fan of any evil on earth who thinks he/she can breath over our necks. We keep informing some of our Nuers & some Equatorians to open their damned eyes & let us face our external existential enemies first. Fellows, WW3 is going to start here in our country fellows. The evil corporate America, the UK, their UN>>>

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                      • 31 August 09:11, by Kuch

                        their NGOs & some of their evil allies in between have pushed our country & our people against the wall too far. And we are going to bomb their damn UN, UNIMISS & everything that is connected to evil white Americans, English people, their evil juus, their cloned so-called arabs of North Sudan out of our country. Who says we want these evils in our country? Who really says?

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                        • 31 August 09:16, by Kuch

                          Fellows, any South Sudanese who loves South Sudan, must sharpen their spears & replenish their arrows, because what the evil corporate America, the UK, their UN, their sleazy NGOs, their cloned so-called arabs of North Sudan & some of their creepy allies in between are desperately after in our country & our people is not going to end very well fellows>>>

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                          • 31 August 09:22, by Kuch

                            the US, the UK, their UN, their NGOs & some of their creepy allies in between want colonize our country & us on their *surreptitious & disguise* of their damn UN, humanitarian aid, peacekeeping, donations & human rights business scams and some of Nuers & some Equatorians are not reading in between the lines this dirty project being played around in our country & against our people>>>

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                            • 31 August 09:29, by Kuch

                              Fellows, here in the Dinka/jieng men country, we will never ever allow the evil corporate, the UK, their UN, their sleazy NGOs, their cloned so-called arabs of North Sudan & some creepy allies in between usual dirty intrigues in our country. We keep informing the evils(the US, the UK, the UN, NGOs & their creepy allies in between) that their usual>>>

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                              • 31 August 09:32, by Kuch

                                regime change business often works for them in Middle Eastern countries, Central African countries or South American countries, but here in South Sudan that is not going to happen under the sun. Fellows, watch this space.

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                                • 31 August 15:48, by Mr. Right

                                  Kuch,
                                  It’s advisable to be succinct to the point rather than digressing often. These sleazy NGOs and the UN and the Uuuus is not relevant to the topic under consideration. Tell us your reaction of where the government keeps the proceeds of oil.…other than Central Bank?

                                  A little reminder, the country has been taken hostage by unabashed individuals who are dissipating our resources...

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                                  • 31 August 15:51, by Mr. Right

                                    at will. We need to get rid of these parasites, clean the country of UNs, and foster development. We are aware that Sudan Tribune is a foreign tool ramping up effort to disintegrate our country but if this article is anything to go by, then we demand answers as to why, the regulator of commercial banks is deprived of its roles and reduced to just a relic?

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      • 31 August 23:29, by lino

        Haha!!! Ya Kush,
        If it is mere lie, why not worth investigation than just throwing your usual blames?!!!
        Let us all investigate and punish thieves in this country.

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  • 31 August 07:36, by Agany Malim

    Mps work was suized by JCE for all what they said is what the president do. Now there is no point of arguement bcoz it is what happened but the bad part is issue of taking it as rulers and not individual missmanagement of money in the country. Again the civil servant were not paid for five months which would be a point of saying that what found is waste on payment of salaries

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  • 31 August 08:00, by Agany Malim

    Corruption reached the peg point the country under leadership of Kiir and Taban so what remain for them is to sell ss to western world but we cannot tolerate that one. Again the well wish vision of splm is lost in such maner

    repondre message

  • 31 August 22:11, by Don-Don Malith Rual

    If we are not careful enough we will not be able to be economically stabilized, due to foreign currency over ridging our local currency; we should be causiouse that what had happened in one of African country might happen in South Sudan where the country is using American dollars instead of local currency beco3 the currency are valueless. Let’s take precautions

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  • 1 September 09:18, by Eastern

    The meagre revenues generated by the dwindling oil reserves IS USED IN SITU; Kiir doesn’t have any cash reserve anywhere - he’s a broke man!

    repondre message

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