Monday December 11, 2017

Enomomic meltdown blamed for cancellation of May 16 mutiny celebration

JUBA – South Sudan’s finance ministry blamed what it called as “economic uncertainity” for the postphonement of the May 16 celebration throughout South Sudan.
May 16, a day celebrated every year by South Sudanese to remark the day of establishment and formation of the then guerilla movement, the SPLM/A was postphoned last week by the ruling party without citing any reason for it. Instead, the leadership say the celebration is postphoned till July 9, during which they will be celebrated together with the independence of the country.

“It makes more economic sense because there’s a lot of economical uncertainity in this country. There is no enough funds to organise the two events which are just two months a part. so changing the date is good” a statement from the Ministry reads.

The government has since last year struggled to hold some of its important functions and events. There are also reports that the government wants to shut down some of its embassies are they’re hugely overdue in terms of financing. There are also reports of the finance ministry and the bank trying to print more south sudanese pounds in order to stabilise the market.
So far, South Sudan Pound (SSP) is depreciating really fast. The US dollars exchange rate in Juba custom in the black market trade at 1,400 SSP. prices of bread, water and other basic items increased by 75%. some fuel stations are shutting down.
The government has so far struggled to bring the economy to a better standing. The regime is also trying to trim number of diplomatic trips, apply taxes at border points and markets. The government is also asking for expert help from foreign countries to stabilise the situation.



Times Wire Staff
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