Juba, Sep 17 South Sudan said Monday that substantial progress has been made together with joint oil operating companies to resume production of the lucrative Dar blend oil in northern Upper Nile State.
Minister of Finance and Planning Marial Dongrin Ater said that the government is currently engaging bilateral and multilateral partners for concessional loans and grants to address pressing economic challenges.
"Significant progress has been made on the resumption of oil production from the Dar Blend in Upper Nile, and we are optimistic for a breakthrough," Dongrin told journalists in Juba, the capital of South Sudan, Xinhua news agency reported.
In February, the Dar Petroleum Oil Company suspended loadings of the Dar Blend crude following a rupture on the export pipeline in neighboring Sudan, which has been mired in conflict between the Sudan Armed Forces and the paramilitary Rapid Support Force since April 15, 2023.
South Sudan's economy is currently experiencing record-high inflation following the halting of oil shipments to the international markets.
Dongrin said that some of the measures they are undertaking include the adoption of mobile money and electronic banking solutions to reduce reliance on cash transactions.
He disclosed that the ministry will pay salaries and operating costs for ministerial department agencies through bank accounts.
"This initiative will enhance financial efficiency, reduce risks associated with excessive cash circulation and improve transparency. The banking sector is expected to simplify procedures for electronic transactions and telecommunications operators to intensify public awareness campaigns on mobile banking services," Dongrin said.
He also said that they are working to improve tax revenue mobilization, enhance crude oil exports, secure funding, digitalize and financial inclusion, and foster food security.
"To enhance revenue mobilization, the ministry is working with the revenue authority to streamline revenue collection processes and tax compliance," Dongrin said.
Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor