Bak to reduce prices through goods provision

The newly appointed minister of finance, Dr. Bak Barnaba Chol said he’s starting his economic reform agenda with introduction of new polices that will stabilize market prices.

Speaking during the reception ceremony on Monday, Bak said he will ensure that the ministry secure food and essential goods for market, grass roots population especially the flood affected and the returnees.

“I’m going to introduced what I have called economic emergency intervention plan. This is a policy intended to fix the foreign exchange market by providing essential goods to curve the skyrocketing market prices and also accelerate the implementation of public financial management reforms,” said Bak.

Bak said the policy will be implemented in collaboration with line ministries in the economic cluster and the central bank to achieved its goal.

“We’ll work together with our colleagues in the economic cluster and the central bank because part of this policy fall under monetary policy to enhance the modalities of the implementation. We deserve to live a decent life just like the rest of the world, what have we done to suffer for all this long?” he paused.

He urges the financial institutions to follow management system on how to use public resources for the common good of the citizens and the economy.

“We need to revisit our economic and financial management system. We need rethink how we utilize the little money we have,”

Dr. Bak was appointed on August 3 as the new minister of finance and planning , replacing Dr. Dier Tong Ngor.