South Sudan targets 6 per cent economic growth
* Article
* Comments (7)
email Email
print Print
pdfSave
separation
increase
decrease
separation
separation
*
*
*
*
June 8, 2011 (JUBA)- The Government of South Sudan said the target for
economic growth of immediately after the independence is up to 6 per
cent and will increase to 7.2 per cent in 2012, from the Ministry
Finance and Economic Planning on Wednesday.
JPEG - 27.5 kb
South Sudanese citizens exchange money at the bank (Reuters)
Salvatore Garang Mabiordit, the undersecretary of the ministry, while
presenting the economic survey for 2010 and development plan for
2011-2016, told those assembled at the briefing on the premises that
the government will have to double its efforts to curb inflation
growth and keep it in the single digits.
The official said overall inflation for Sudan, based on the latest
economic reports, stood at more than 8.6 per cent as of April, this
year, with high fuel in some parts of the country pushing up food
prices.
"Revenue collection from local sources is expected to hit a ratio of
17.2 per cent of the Gross Domestic Product [GDP] in the 2011/12
fiscal year and this would continue to grow at an average of 17.5 per
cent per year in the medium term plan," said Mabiordit.
He said the government would keep tight control on broad money supply
which is also expected to grow by 19.0 per cent in 2011/12 and by 18.6
in the 2012/13 financial year. "This growth aims to balance between
the economic growth and the rising costs on various goods and
services," said Mabiordit.
He added that the government would also focus on maintaining hefty
foreign reserves that could cover imports for at least six months. He
said the government would also narrow the spread between interest
rates on lending and deposits and control foreign exchange.
He listed nine key areas that would support economic growth, namely,
peace, protection of water sources, maintaining macro-economic
stability and improving revenue collection.
Other areas include; efficiency in public finance management,
allocation of resources in areas that catalyze speedy economic growth,
timely implementation of phase two of the national poverty alleviation
program (PRSG) and promotion of the ambitious development plan of the
South Sudan’s ruling party, theSudan People’s Liberation Movement
(SPLM).
He also mentioned improvement of the business environment to attract
more players from the private sector as another crucial area.
"More efforts are needed for implementation of the SPLM Development
Vision 2020, promotion of the national economic growth, more
investments in strategic areas such as roads, improvement of ports,
railway system, water sources, national food reserve and job
creation," he said.
He said the government would also encourage big investments in
agriculture and reduce dependency on donors, adding that the
government has given higher to security, roads, education and
agriculture in the 2011-2012 budget. Agriculture, livestock,
manufacturing, general trade, transportation and communication played
a key role in the 2010 economic growth.
(ST)
--
You received this message because you are subscribed to the Google Groups "JFD
info" group.
To post to this group, send email to [email protected].
To unsubscribe from this group, send email to
[email protected].
For more options, visit this group at
http://groups.google.com/group/jfdinfo?hl=en.
