The Quest for Financial Stabilization in the Post-Conflict Economy: A Case Study of South Sudan

Bec George Anyak

doi:doi:10.11648/j.jwer.20251402.16

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The Quest for Financial Stabilization in the Post-Conflict Economy: A Case Study of South Sudan

Bec George Anyak^*

Published in Journal of World Economic Research (Volume 14, Issue 2)

Received: 26 September 2025 Accepted: 9 October 2025 Published: 30 October 2025

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Abstract

South Sudan faced persistent financial instability rooted in excessive oil dependency, conflict-induced disruptions, weak governance, and fragile institutional capacity. The purpose of the study was to evaluate the financial reform progress in the South Sudan fiscal space and monetary policies, with the aim of assessing how reform measures have influenced macroeconomic stability, institutional effectiveness, and financial inclusion. The study adopted a qualitative-descriptive research approach supported by thematic analysis of government documents, international financial reports, and peer-reviewed studies, complemented by inferential statistical insights. The results showed that oil dependency had a strong positive correlation with financial instability (r = 0.81, p < 0.001), whereas governance effectiveness (r = -0.73, p = 0.003) and institutional capacity (r = -0.68, p = 0.001) were negatively correlated with stability. Reform initiatives, including the Public Financial Management (PFM) Reform Strategy (r = 0.56, p = 0.015), the Treasury Single Account (r = 0.49, p = 0.037), and the IMF’s Staff-Monitored Program (r = 0.63, p = 0.008), demonstrated moderate positive impacts on fiscal discipline. However, political resistance emerged as a significant barrier (r = -0.67, p = 0.001). Public financial management indicators such as timely budget preparation (r = 0.60, p = 0.002), audit enforcement (r = 0.66, p = 0.001), and central bank independence (r = 0.62, p = 0.003) were strongly associated with fiscal stability. Financial inclusion remained low, particularly in rural banking access (r = 0.72, p < 0.001) and SME credit access (r = 0.60, p = 0.004). The study concluded that achieving macroeconomic stability required sustained fiscal discipline, institutional independence, transparent governance, and inclusive financial systems to strengthen South Sudan’s long-term resilience.

Published in	Journal of World Economic Research (Volume 14, Issue 2)
DOI	10.11648/j.jwer.20251402.16
Page(s)	170-178
Creative Commons	This is an Open Access article, distributed under the terms of the Creative Commons Attribution 4.0 International License (http://creativecommons.org/licenses/by/4.0/), which permits unrestricted use, distribution and reproduction in any medium or format, provided the original work is properly cited.
Copyright	Copyright © The Author(s), 2025. Published by Science Publishing Group

Keywords

Stability, Dependency, Governance, Commoditization, Diversification

References

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[7]	Garang, J. A. (2025). Impediments to the Evolution of Mobile Money and Financial Inclusion in South Sudan (No. cb78f530-2e9e-4afd-be28-513187bcc244).
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[18]	Okonjo-Iweala, N., El-Erian, M., & Banga, A. (2022). Africa’s recovery: Making the most of global financial reforms. Brookings Institution. https://www.brookings.edu
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[20]	United Nations Conference on Trade and Development (UNCTAD). (2021). Trade and development report 2021: From recovery to resilience. https://unctad.org
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APA Style

Anyak, B. G. (2025). The Quest for Financial Stabilization in the Post-Conflict Economy: A Case Study of South Sudan. Journal of World Economic Research, 14(2), 170-178. https://doi.org/10.11648/j.jwer.20251402.16

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ACS Style

Anyak, B. G. The Quest for Financial Stabilization in the Post-Conflict Economy: A Case Study of South Sudan. J. World Econ. Res. 2025, 14(2), 170-178. doi: 10.11648/j.jwer.20251402.16

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AMA Style

Anyak BG. The Quest for Financial Stabilization in the Post-Conflict Economy: A Case Study of South Sudan. J World Econ Res. 2025;14(2):170-178. doi: 10.11648/j.jwer.20251402.16

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@article{10.11648/j.jwer.20251402.16,
  author = {Bec George Anyak},
  title = {The Quest for Financial Stabilization in the Post-Conflict Economy: A Case Study of South Sudan
},
  journal = {Journal of World Economic Research},
  volume = {14},
  number = {2},
  pages = {170-178},
  doi = {10.11648/j.jwer.20251402.16},
  url = {https://doi.org/10.11648/j.jwer.20251402.16},
  eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.jwer.20251402.16},
  abstract = {South Sudan faced persistent financial instability rooted in excessive oil dependency, conflict-induced disruptions, weak governance, and fragile institutional capacity. The purpose of the study was to evaluate the financial reform progress in the South Sudan fiscal space and monetary policies, with the aim of assessing how reform measures have influenced macroeconomic stability, institutional effectiveness, and financial inclusion. The study adopted a qualitative-descriptive research approach supported by thematic analysis of government documents, international financial reports, and peer-reviewed studies, complemented by inferential statistical insights. The results showed that oil dependency had a strong positive correlation with financial instability (r = 0.81, p < 0.001), whereas governance effectiveness (r = -0.73, p = 0.003) and institutional capacity (r = -0.68, p = 0.001) were negatively correlated with stability. Reform initiatives, including the Public Financial Management (PFM) Reform Strategy (r = 0.56, p = 0.015), the Treasury Single Account (r = 0.49, p = 0.037), and the IMF’s Staff-Monitored Program (r = 0.63, p = 0.008), demonstrated moderate positive impacts on fiscal discipline. However, political resistance emerged as a significant barrier (r = -0.67, p = 0.001). Public financial management indicators such as timely budget preparation (r = 0.60, p = 0.002), audit enforcement (r = 0.66, p = 0.001), and central bank independence (r = 0.62, p = 0.003) were strongly associated with fiscal stability. Financial inclusion remained low, particularly in rural banking access (r = 0.72, p < 0.001) and SME credit access (r = 0.60, p = 0.004). The study concluded that achieving macroeconomic stability required sustained fiscal discipline, institutional independence, transparent governance, and inclusive financial systems to strengthen South Sudan’s long-term resilience.
},
 year = {2025}
}

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TY  - JOUR
T1  - The Quest for Financial Stabilization in the Post-Conflict Economy: A Case Study of South Sudan

AU  - Bec George Anyak
Y1  - 2025/10/30
PY  - 2025
N1  - https://doi.org/10.11648/j.jwer.20251402.16
DO  - 10.11648/j.jwer.20251402.16
T2  - Journal of World Economic Research
JF  - Journal of World Economic Research
JO  - Journal of World Economic Research
SP  - 170
EP  - 178
PB  - Science Publishing Group
SN  - 2328-7748
UR  - https://doi.org/10.11648/j.jwer.20251402.16
AB  - South Sudan faced persistent financial instability rooted in excessive oil dependency, conflict-induced disruptions, weak governance, and fragile institutional capacity. The purpose of the study was to evaluate the financial reform progress in the South Sudan fiscal space and monetary policies, with the aim of assessing how reform measures have influenced macroeconomic stability, institutional effectiveness, and financial inclusion. The study adopted a qualitative-descriptive research approach supported by thematic analysis of government documents, international financial reports, and peer-reviewed studies, complemented by inferential statistical insights. The results showed that oil dependency had a strong positive correlation with financial instability (r = 0.81, p < 0.001), whereas governance effectiveness (r = -0.73, p = 0.003) and institutional capacity (r = -0.68, p = 0.001) were negatively correlated with stability. Reform initiatives, including the Public Financial Management (PFM) Reform Strategy (r = 0.56, p = 0.015), the Treasury Single Account (r = 0.49, p = 0.037), and the IMF’s Staff-Monitored Program (r = 0.63, p = 0.008), demonstrated moderate positive impacts on fiscal discipline. However, political resistance emerged as a significant barrier (r = -0.67, p = 0.001). Public financial management indicators such as timely budget preparation (r = 0.60, p = 0.002), audit enforcement (r = 0.66, p = 0.001), and central bank independence (r = 0.62, p = 0.003) were strongly associated with fiscal stability. Financial inclusion remained low, particularly in rural banking access (r = 0.72, p < 0.001) and SME credit access (r = 0.60, p = 0.004). The study concluded that achieving macroeconomic stability required sustained fiscal discipline, institutional independence, transparent governance, and inclusive financial systems to strengthen South Sudan’s long-term resilience.

VL  - 14
IS  - 2
ER  -

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Bec George Anyak

Department of Economics, University of Juba, Juba, South Sudan

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http://orcid.org/0009-0007-2069-5179

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APA Style

Anyak, B. G. (2025). The Quest for Financial Stabilization in the Post-Conflict Economy: A Case Study of South Sudan. Journal of World Economic Research, 14(2), 170-178. https://doi.org/10.11648/j.jwer.20251402.16

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ACS Style

Anyak, B. G. The Quest for Financial Stabilization in the Post-Conflict Economy: A Case Study of South Sudan. J. World Econ. Res. 2025, 14(2), 170-178. doi: 10.11648/j.jwer.20251402.16

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AMA Style

Anyak BG. The Quest for Financial Stabilization in the Post-Conflict Economy: A Case Study of South Sudan. J World Econ Res. 2025;14(2):170-178. doi: 10.11648/j.jwer.20251402.16

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@article{10.11648/j.jwer.20251402.16,
  author = {Bec George Anyak},
  title = {The Quest for Financial Stabilization in the Post-Conflict Economy: A Case Study of South Sudan
},
  journal = {Journal of World Economic Research},
  volume = {14},
  number = {2},
  pages = {170-178},
  doi = {10.11648/j.jwer.20251402.16},
  url = {https://doi.org/10.11648/j.jwer.20251402.16},
  eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.jwer.20251402.16},
  abstract = {South Sudan faced persistent financial instability rooted in excessive oil dependency, conflict-induced disruptions, weak governance, and fragile institutional capacity. The purpose of the study was to evaluate the financial reform progress in the South Sudan fiscal space and monetary policies, with the aim of assessing how reform measures have influenced macroeconomic stability, institutional effectiveness, and financial inclusion. The study adopted a qualitative-descriptive research approach supported by thematic analysis of government documents, international financial reports, and peer-reviewed studies, complemented by inferential statistical insights. The results showed that oil dependency had a strong positive correlation with financial instability (r = 0.81, p < 0.001), whereas governance effectiveness (r = -0.73, p = 0.003) and institutional capacity (r = -0.68, p = 0.001) were negatively correlated with stability. Reform initiatives, including the Public Financial Management (PFM) Reform Strategy (r = 0.56, p = 0.015), the Treasury Single Account (r = 0.49, p = 0.037), and the IMF’s Staff-Monitored Program (r = 0.63, p = 0.008), demonstrated moderate positive impacts on fiscal discipline. However, political resistance emerged as a significant barrier (r = -0.67, p = 0.001). Public financial management indicators such as timely budget preparation (r = 0.60, p = 0.002), audit enforcement (r = 0.66, p = 0.001), and central bank independence (r = 0.62, p = 0.003) were strongly associated with fiscal stability. Financial inclusion remained low, particularly in rural banking access (r = 0.72, p < 0.001) and SME credit access (r = 0.60, p = 0.004). The study concluded that achieving macroeconomic stability required sustained fiscal discipline, institutional independence, transparent governance, and inclusive financial systems to strengthen South Sudan’s long-term resilience.
},
 year = {2025}
}

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TY  - JOUR
T1  - The Quest for Financial Stabilization in the Post-Conflict Economy: A Case Study of South Sudan

AU  - Bec George Anyak
Y1  - 2025/10/30
PY  - 2025
N1  - https://doi.org/10.11648/j.jwer.20251402.16
DO  - 10.11648/j.jwer.20251402.16
T2  - Journal of World Economic Research
JF  - Journal of World Economic Research
JO  - Journal of World Economic Research
SP  - 170
EP  - 178
PB  - Science Publishing Group
SN  - 2328-7748
UR  - https://doi.org/10.11648/j.jwer.20251402.16
AB  - South Sudan faced persistent financial instability rooted in excessive oil dependency, conflict-induced disruptions, weak governance, and fragile institutional capacity. The purpose of the study was to evaluate the financial reform progress in the South Sudan fiscal space and monetary policies, with the aim of assessing how reform measures have influenced macroeconomic stability, institutional effectiveness, and financial inclusion. The study adopted a qualitative-descriptive research approach supported by thematic analysis of government documents, international financial reports, and peer-reviewed studies, complemented by inferential statistical insights. The results showed that oil dependency had a strong positive correlation with financial instability (r = 0.81, p < 0.001), whereas governance effectiveness (r = -0.73, p = 0.003) and institutional capacity (r = -0.68, p = 0.001) were negatively correlated with stability. Reform initiatives, including the Public Financial Management (PFM) Reform Strategy (r = 0.56, p = 0.015), the Treasury Single Account (r = 0.49, p = 0.037), and the IMF’s Staff-Monitored Program (r = 0.63, p = 0.008), demonstrated moderate positive impacts on fiscal discipline. However, political resistance emerged as a significant barrier (r = -0.67, p = 0.001). Public financial management indicators such as timely budget preparation (r = 0.60, p = 0.002), audit enforcement (r = 0.66, p = 0.001), and central bank independence (r = 0.62, p = 0.003) were strongly associated with fiscal stability. Financial inclusion remained low, particularly in rural banking access (r = 0.72, p < 0.001) and SME credit access (r = 0.60, p = 0.004). The study concluded that achieving macroeconomic stability required sustained fiscal discipline, institutional independence, transparent governance, and inclusive financial systems to strengthen South Sudan’s long-term resilience.

VL  - 14
IS  - 2
ER  -

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