South Sudan’s financial sector is in its very early stages of development and access to finance is limited
There are sixteen commercial banks which include Liberty Commercial Bank (LCB) , Buffalo Commercial Bank, South Sudan Commercial Bank, International Commercial Bank (ICB) , Kenya Commercial Bank (KCB), Commercial Bank of Ethiopia, Equity Bank , Cooperative Bank of South Sudan, First Bank South Sudan, Nile Commercial Bank, Ivory Bank, Mountain Trade and Development Bank (MTDB), Cfc Stanbic Bank Limited, Sudan Microfinance Institution (SUMI) , 7 insurance business companies which include Jamus International Insurance, National Insurance Corporation Ltd (NICL), New Sudan Insurance Company Limited, Renaissance Insurance Company South Sudan Ltd, Savannah Insurance Company, Speed Insurance (SS) Limited, UAP Insurance Sudan Ltd and Central Bank of the Republic of South Sudan
Ministry of Finance and Economic Planning
The Ministry of Finance and Economic Planning performs the following functions and duties:
- Develop and implement legislation and regulations, including those for Public Financial Management, Tax and Revenue Collection, Procurement and other legislation as required.
- Develop and execute sound economic, fiscal and investment policies for South Sudan.
- Develop and implement a sound public financial management system for South Sudan and manage the RSS Consolidated Fund.
- Develop and execute revenue policy for taxes and other sources of revenue within the purview of RSS.
- Collect tax revenues within the purview of RSS.
- Ensure remittance of RSS non-tax revenues collected by other RSS institutions to the Consolidated Fund.
- Liaise with States Governments on harmonized tax policy and administration across the levels of government.
- Develop and execute a reserve management policy for the RSS.
- Macroeconomic forecasting and identification of RSS resource availability to finance the annual budget and medium term expenditure framework.
- Coordinate the RSS short, medium and long-term planning process to develop a prioritized development framework for the RSS.
- Coordinate the preparation of the annual RSS budget and medium term expenditure framework and manage their implementation.
- Sanction all RSS expenditure payments in conformity with the approved Annual Budget and oversee the disbursement of all RSS expenditure from the Consolidated Fund.
- Appraise all development projects and programmes requiring financial contributions from RSS prior to their approval and financing.
- Develop and execute RSS policies on aid coordination.
- Coordinate and approve external donor financing programmes, monitoring their implementation and evaluating their impact.
- Evaluate, approve and manage all external loans to RSS.
- Manage the disbursement of all donor grants and maintain a central database of all external aid financing to RSS (grants and loans), and reflect donor support and external debt in the RSS Annual Budget.
- Implement rigorous procurement policies, regulations and procedures and ensure compliance throughout RSS through capacity building.
- Approve all contracts made under the procurement regulations, monitor all associated obligations and payments and maintain a register of RSS contracts.
- Oversee and build the capacity of the internal audit function throughout RSS.
- Produce monthly RSS budget execution reports and RSS accounts on a quarterly, semi-annual and annual basis.
- Oversee and build the capacity of accounting units in all spending agencies of RSS.
- Jointly with the South Sudan Fiscal and Financial Allocation and Monitoring Commission, set allocation policies for inter-governmental fiscal transfers, manage their disbursement, monitor their utilization and ensure accountability at the State level.
- Act as the custodian of RSS assets and property and maintain a central assets register.
- Provide technical assistance and training to State governments and other local governments to build their capacity to assume their responsibilities for financial management, accounting and audit and planning functions and other such matters as defined in the Constitution and RSS policy.
Financial Sector in South Sudan have been summarized to include the following