The South Sudanese government plans to set up a body to take charge of its daily spending as the world’s youngest nation battles an economic crisis caused by more than two years of civil war.
South Sudan’s finance minister Stephen Dhieu Dau said in a statement that the country’s current funding position is “uncertain and volatile” and “revenues may fall short of focus and will fluctuate widely in the short term.”
“This situation calls for monthly, weekly and daily decisions on spending, borrowing and saving so that there are resources available to keep government functioning,” Dau added.
The oil-producing nation saw inflation exceed 720 percent in August as it struggles with declines in oil revenue and the local currency.
The government last week approved a 22.3 billion South Sudanese pound (about $474.7 million) budget for the 2016-17 fiscal year with plans to fund it by external borrowing and sales of crude.
