Salvatore Garang, Minister of Finance and Economic Planning during an interview at J1 in Juba July 9, 2019 Credit: Joakino Francis/Eye Radio

The yet to be reconstituted national parliament has summoned finance minister, Central Bank governor, and the acting commissioner-general of the National Revenue Authority over economic downfall.

On Tuesday, President Salva Kiir established an economic crisis management committee headed up by the Vice President for Economics Cluster, James Wani Igga to come up with modalities to improve on the economy.

The establishment of the committee came days after the Central Bank’s second deputy governor, Daniel Kech Pouch, admitted that the financial institution had run out of foreign reserves – a claim that was later revoked by the governor – Jamal Abdallah Wani.

South Sudan’s economy has been devastated by several factors since its independence in 2011.

Years of civil war, a drop in global oil prices and the COVID-19 pandemic have brought the young economy to its knees.

But the country’s economic troubles date back to January 2012, when South Sudan suspended all oil production following disputes with Sudan over processing and transit fees for exporting crude oil.

Also in 2015, the government adopted a floating foreign exchange policy which some activists say contributed to the economic downfall.

Economists also blame the government for being slow in implementing economic reform provisions in the 2018 peace deal.

Currently, currency speculators say 1 US dollars goes for about 42o ssp.

According to Hon. Paul Yoane – the head of the Information Committee at the yet to be reconstituted National Legislative Assembly, lawmakers now want answers as to why the country’s economy is on its knees.

“The Assembly Business Committee after a very deliberate discussion decided that the minister of finance, the governor of the central bank of South Sudan and the acting commissioner-general of the National Revenue Authority are to appear before Assembly Business Committee to update the committee on the rapid depreciation of our South Sudanese Pounds,” the parliament spokesperson said.

The three senior government officials are expected to appear before the August House next week.