{"id":3546,"date":"2020-08-20T17:32:08","date_gmt":"2020-08-20T17:32:08","guid":{"rendered":"https:\/\/onecitizendaily.com\/?p=3546"},"modified":"2020-08-20T17:34:08","modified_gmt":"2020-08-20T17:34:08","slug":"government-engages-imf-to-fund-budget-deficit","status":"publish","type":"post","link":"https:\/\/www.onecitizendaily.com\/index.php\/2020\/08\/20\/government-engages-imf-to-fund-budget-deficit\/","title":{"rendered":"Government engages IMF to fund budget deficit"},"content":{"rendered":"\n
\"\"
Print Screen of Number One Citizen Daily Newspaper and IMF LOGO<\/figcaption><\/figure>\n\n\n\n

By\nPhilip Buda Ladu   <\/strong><\/p>\n\n\n\n

The government is engaging the International\nMonetary Fund (IMF) to fund the country\u2019s fiscal year budget deficit, the\nundersecretary for planning in the National Ministry of Finance and Economic\nPlanning said on Wednesday.<\/p>\n\n\n\n

South Sudan\u2019s fiscal year runs from July to June\nevery year, however no new budget proposal has been presented to the Council of\nMinisters as the Transitional National Legislature-the institution that passes\nit to the President for Signing is yet to be reconstituted.<\/p>\n\n\n\n

A few months ago, President Salva\nKiir reportedly issued a memo, requiring the government to continue operating\non a supplementary budget.<\/p>\n\n\n\n

According\nto media reports, the Economic Cluster in the unity government has approved a\n60-Billion-Pound supplementary budget, in effect extending the fiscal\nyear 2019\/2020 budget.<\/p>\n\n\n\n

Undersecretary Ocum Genes told journalists on\nWednesday after emerging from a meeting with IMF officials it is evidenced that\nthe country will have a fiscal gap in the budget.<\/p>\n\n\n\n

Undersecretary Genes however declined to mention the\nestimated figures of the budget deficit the government want IMF to fund.<\/p>\n\n\n\n

He said their meeting culminated into the IMF giving\nthem Rapid Credit Facility (RCF) which is given to every Country that has been\nhit by global economic crisis.<\/p>\n\n\n\n

\u201cSo for us we have been having engagements with the\nIMF since June in which we have shown to them the deficit in our budget that we\nshall be having a fiscal gap in the budget, so they have accepted but they\nstill need more technical discussions with us and the next step will be entering\ninto details on when and how they will now forward to us the RCF,\u201d Genes said.<\/p>\n\n\n\n

The undersecretary said they have requested the RCF\nwhich is a financial help to solve their financial problems in the future such\nas giving more fund to the productive sector like Agriculture, Livestock and\nFisheries, mining.<\/p>\n\n\n\n

Genes proclaimed that funding those sectors would\ncreate jobs for the Youths.<\/p>\n\n\n\n

\u201cThat was what they have discussed with them and\nwhen it comes to action that will be their area of focus including\ninfrastructures.<\/p>\n\n\n\n

When questioned where the country\u2019s budget was, Genes\nadmitted they could not meet the deadline for budget Circle transition due to\nsituation the Country.<\/p>\n\n\n\n

\u201cThe government is currently working with a\nsupplementary budget, spending mostly in paying Civil Servants salaries,\nsecurity and Covid-19 related items with money generated from the non-oil\nrevenues.\u201d<\/p>\n\n\n\n

They have already prepared a resource envelope but\nhow shall they fund the budget plan he questioned! <\/p>\n\n\n\n

\u201cWith the fallibility of the oil revenues and even\nthe tax revenues we prepared three scenarios, however none of the three can\ngive us a surplus budget but only result to deficit that\u2019s why there will be a\nfiscal gap and we are engaging the international community to support the\ngovernment of South Sudan to fund the gap.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

By Philip Buda Ladu   The government is engaging the International Monetary Fund (IMF) to fund the country\u2019s fiscal year budget deficit, the undersecretary for planning in the National Ministry of Finance and Economic Planning said on Wednesday. South Sudan\u2019s fiscal year runs from July to June every year, however no[Read More…]<\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[80,79],"tags":[],"class_list":["post-3546","post","type-post","status-publish","format-standard","hentry","category-national","category-news"],"jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/www.onecitizendaily.com\/index.php\/wp-json\/wp\/v2\/posts\/3546","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.onecitizendaily.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.onecitizendaily.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.onecitizendaily.com\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.onecitizendaily.com\/index.php\/wp-json\/wp\/v2\/comments?post=3546"}],"version-history":[{"count":1,"href":"https:\/\/www.onecitizendaily.com\/index.php\/wp-json\/wp\/v2\/posts\/3546\/revisions"}],"predecessor-version":[{"id":3548,"href":"https:\/\/www.onecitizendaily.com\/index.php\/wp-json\/wp\/v2\/posts\/3546\/revisions\/3548"}],"wp:attachment":[{"href":"https:\/\/www.onecitizendaily.com\/index.php\/wp-json\/wp\/v2\/media?parent=3546"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.onecitizendaily.com\/index.php\/wp-json\/wp\/v2\/categories?post=3546"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.onecitizendaily.com\/index.php\/wp-json\/wp\/v2\/tags?post=3546"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}