South Sudan’s forex shortage highlights broader economic crisis

“If we want a long-term solution, then the country should diversify its exports and that can only be done if there’s peace,” Morjan told. Without peace, he noted, it would be difficult for South Sudan to diversify its economy and stabilise the exchange.

The central bank is in talks with representatives of the IMF, who are currently in the country to discuss how the economy can be strengthened., the governor of the Bank of South Sudan, Gamal Abdalla Wani, noted that the effects of the gloomy global economic outlook triggered by Covid-19 and lower oil prices have negatively affected the economy of South Sudan.

The statement stipulated that the bank, in conjunction with the ministry of finance, is seeking to secure budget support to the ministry by negotiating with the IMF and World Bank. The bank is also seeking the balance of payments support. “The bank is also unlocking other resources, such as gold, to supplement its reserve. It is also working in conjunction with other competent authorities to market Gum Arabic, with a view to diversify the economy,” Wani said.. The deputy minister of agriculture, Lily Akol Akol, said on national television station SSBC that the money would be used to fund the implementation of a delayed peace agreement, fight Covid-19 and support food security.

South Africa Latest News, South Africa Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

South Africa’s stars won’t be short of motivation when rugby resumesSouth Africa has finally taken a big step towards moving closer to rugby action, with teams set to resume contact training this week. By WynonaLouw | IOLsport
Source: IOL - 🏆 46. / 51 Read more »

Zverev downs South Africa's Anderson in US Open battle of the big servers.AlexZverev downs South Africa's KAndersonATP in the usopen battle of the big servers on Monday night. | IOLsport Pic: Seth Wenig/AP
Source: IOL - 🏆 46. / 51 Read more »

Nathaniel Julies’s family thanks South Africans for support, asks for space to grieve and prepare burialThe family of NathanielJulies thanked South Africans for standing by them during their grief and is now asking for space while they prepare for his burial. RIPNathanielJulius
Source: IOL - 🏆 46. / 51 Read more »

Economic State of Play: South Africa’s Debt Tale of WoeTHURSDAY: Join sashaplanting in conversation with Nazmeera Moola, Head of SA Investments at ninetyone_sa, & mamokete30, Fixed Income Sales Trader & Macro Strategist at ABSA Capital, as they discuss the outlook for SA's debt & economy. Register here:
Source: dailymaverick - 🏆 3. / 84 Read more »

Maverick Citizen Op-Ed: Death penalty debate: South Africans deserve more than cheap political tricksEvery so often the death penalty debate surfaces. Inevitably, it does so in politically fraught circumstances: politicians purporting to prioritise the country’s safety dangle the death penalty in front of a society traumatised by violence – the shiny prize to be awarded upon being voted into power.
Source: dailymaverick - 🏆 3. / 84 Read more »

South African rugby teams given the go-ahead to resume full contact trainingSouth African rugby teams have been given the go-ahead to resume full contact training as of Tuesday.
Source: SowetanLIVE - 🏆 13. / 63 Read more »