By Malith Alier, Juba, South Sudan
April 2, 2017 (SSB) — Before, we proceed we should define what actually is meant by the term “budget” in a nation – Individuals or families also have their budgets and so are organisations.
A budget is a financial forecast of expected revenues and where these revenues will be spent. An individual, organisation and or a state raises and spends its income over a period of twelve month technically known as financial year.
South Sudan since the interim period 2005 – 2011 had been preparing a budget of some kind. This budget happened to be irregular in nature of preparation and implementation. Initially, the financial year used to run from January to December until change occurred shortly after independence. A new financial year runs from July 1st – June 30th.