South Sudan’s newly appointed finance minister, Dr. Bak Barnaba Chol, on Thursday pledged to pursue economic reforms and austerity measures to stabilize the country’s struggling economy and reduce dependence on oil revenues.
Speaking at a welcoming ceremony at the Ministry of Finance and Planning in Juba, Bak said the government would tighten spending and boost domestic revenue collection to navigate what he described as one of the toughest economic periods in the country’s history.
“We must focus on increasing collection and reducing spending. The situation will remain difficult for the next few months before it improves,” Bak told ministry staff. “Austerity measures encourage more collection but less spending—this is the only way to fix our economy.”
Bak, who previously served as finance minister between August 2023 and March 2024, said his return to the post was an opportunity to continue reforms started last year, including payroll verification, elimination of “ghost workers,” and cancellation of unnecessary contracts.
He said earlier efforts to diversify the economy and implement fiscal discipline had faced resistance from within government institutions and social media critics, but stressed that reforms must continue for the good of the country.
“Last time, we tried to reduce dependency on oil revenues and focus on agriculture, mining and tax reforms. There was total opposition, even from within the ministry,” he said. “But I hold no grudges. Change is difficult, yet necessary.”
Bak urged civil servants to exercise patience and resilience, adding that the government would eventually improve salaries and incentives once the economic situation stabilizes.
He warned against misinformation and political propaganda that, he said, had undermined the ministry’s work and led to frequent changes in leadership.
“It is not easy to implement reforms in a few months,” he said. “A minister needs time to plan, organize, and implement. If you make noise, money will not come—let’s give leadership time to deliver.”
The minister also called on South Sudanese to embrace self-reliance through agriculture and private enterprise, citing the need to reduce dependence on government employment.
“I urge you to go out and cultivate, to create another source of income. Let’s be hardworking, let’s be hustlers,” he said.
Bak reaffirmed his commitment to transparency and economic transformation through fiscal discipline, diversification, and production growth.
“We must realign our tax collection, stop random payments and contracts, and focus on oil, agriculture and mining. This mission of economic transformation requires patience, faith and hard work,” he said.
President Salva Kiir reappointed Bak to head the Finance and Economic Planning Ministry on Monday following the dismissal of his predecessor, Athian Diing Athian, after months of worsening inflation and public sector salary delays.
South Sudan’s economy has been battered by years of conflict, global shocks, and the war in neighboring Sudan, which has disrupted vital oil export routes. The country relies on oil for more than 90% of government revenue.