https://en.sputniknews.africa/20240316/south-sudans-president-fires-finance-minister-amid-worsening-economic-situation-1065592558.html
South Sudan's President Fires Finance Minister Amid Worsening Economic Situation
South Sudan's President Fires Finance Minister Amid Worsening Economic Situation
Sputnik Africa
Bak Barnaba Chol has served as South Sudan's finance minister since last August, replacing the dismissed Dier Tong Ngor and becoming the fifth holder of the... 16.03.2024, Sputnik Africa
2024-03-16T17:25+0100
2024-03-16T17:25+0100
2024-03-16T17:55+0100
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South Sudan's President Salva Kiir has fired the country's Minister of Finance and Economic Planning, Dr. Bak Barnaba Chol Bak, local media reported, citing the president's televised decree at a time of historic currency decline.The South Sudanese leader replaced Bak, an economist by profession, with Awow Daniel Chuang, an engineer who had served for years in the Ministry of Petroleum, most recently as a technical advisor to the ministry.According to media reports, President Kiir gave no explanation for the dismissal of the finance minister, citing only his constitutional authority to appoint and dismiss civil servants.The changes came amidst hyperinflation and depreciation of the South Sudanese Pound (SSP), the country's local currency, according to local media. The exchange rate of the SSP against the US dollar fell to a record low of 1,800 units, compared to 1,100 units per US dollar three months ago.In other financial developments, the Ministry of Finance introduced an electronic cargo tracking system a week ago to improve revenue collection. The order directed the customs revenue department to implement the system for all imports and exports to and from South Sudan.
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south sudan, east africa, salva kiir, economy, trade, currency, finance
South Sudan's President Fires Finance Minister Amid Worsening Economic Situation
17:25 16.03.2024 (Updated: 17:55 16.03.2024) Bak Barnaba Chol has served as South Sudan's finance minister since last August, replacing the dismissed Dier Tong Ngor and becoming the fifth holder of the office since 2020.
South Sudan's President Salva Kiir has fired the country's Minister of Finance and Economic Planning, Dr. Bak Barnaba Chol Bak, local media reported, citing the president's televised decree at a time of historic currency decline.
The South Sudanese leader replaced Bak, an economist by profession, with Awow Daniel Chuang, an engineer who had served for years in the Ministry of Petroleum, most recently as a technical advisor to the ministry.
According to media reports,
President Kiir gave no explanation for the dismissal of the finance minister, citing only his constitutional authority to appoint and dismiss civil servants.
The changes came amidst hyperinflation and depreciation of the South Sudanese Pound (SSP), the country's local currency, according to local media. The exchange rate of the SSP against the US dollar fell to a record low of 1,800 units, compared to 1,100 units per US dollar three months ago.
In other financial developments, the Ministry of Finance introduced an electronic cargo tracking system a week ago
to improve revenue collection.
The order directed the customs revenue department to implement the system for all imports and exports to and from South Sudan.
