South Sudan’s Council of Ministers has approved a budget of US$2.71 billion for the financial year 2022/2023.
The Cabinet approved the revised spending plan of 1.3 trillion South Sudanese pounds ($2.71 billion) at Friday’s meeting chaired by President Salva Kiir.
The new budget shot up 558 billion South Sudanese pounds ($1.187 billion) is the deficit, the government said.
“The finance minister made his final presentations to the cabinet and according to the presentation, the amount offered is within budget chapters “said Minister of Information Michael Makuei.
“So the gross resource available is 832,806,935,678 SSP, which is part of the budget. The added financial gap is 558,669,980,774 SSP. So if you add that to the available resources the budget is within £1.3 trillion,” Mr Makuei added.
The Finance Secretary presented a budget of SSP862 billion earlier last week.
Mr Makuei told reporters after the cabinet meeting that the government would increase taxes and borrow to plug the deficit.
“The deficit will be managed by increasing non-oil revenue collection, a Increase production in the oil sector and also, if possible, by borrowing from other countries.”
Read:South Sudan’s oil production collapses
The spending plan of the Government for the year beginning July 1st will be presented to Parliament this month.
By law, the budget should be presented to the national legislature no later than May 15th of each fiscal year, but this is in the last two years did not happen.
Parliament passed announced in March the SSP budget of 338 billion (1.87 billion US dollars) for the current fiscal year 2021/2022.