The Government of South Sudan is facing acute shortages of foreign currency because of the drop in its oil export earnings, hence Sudanese importers cannot pay for their imports in hard currency.
His Excellence James Wani Igga, the Vice-President of South Sudan has therefore embarked on consulting with the regional governments to assist in revamping their economy.
While meeting the Prime Minister Dr. Ruhakana Rugunda, following an earlier meeting with the President, the South Sudan Vice President said there was need for assistance to diagnose the economic situation in his country and come up with practical solutions to revamp it.
He informed Dr. Rugunda that a workshop was being organized in Juba next month, to consider the economic state in the country and find short and long term solutions to revive the ailing economy.
He said the workshop will be attended by economic experts from the regional member states.
“The workshop will be representative and the resolutions thereafter will be utilized by parliament and the Executive,” he said.
Wani particularly requested Uganda Government to assemble a team of experts from URA, Ministry of Finance, Bank of Uganda and the National Planning Authority to join others from the region for the workshop.
On his part, Rugunda said H.E President Museveni took the discussions he held with the South Sudan Vice President seriously and composed a team of experts who are ready for the Juba economic workshop due on 5th May this year.
The Prime Minister shared Uganda’s economic revival experience with the visiting delegation.
“The state of the economy in South Sudan affects the economy in Uganda. Therefore it is in our interest to fix the economic challenges in that country,” Rugunda said.
Last week, Vice President James Wani Igga asked neighbouring countries Uganda, Kenya, and Ethiopia to allow the #SouthSudan Pound to be used and deposited in their banks instead of dollars in exchange for their local currencies.
The Vice President said this development is part of a plan to ease the worsening economic situation in the country.
The SSP is now trading at 10 to one US dollar on the black market.
The Vice President said he had talked to the President of Uganda, Yoweri Museveni, and he accepted the request.