South Sudan President Salva Kiir has vowed to undertake radical economic reforms to end the country's current economic crisis and improve the people's lives.

In a statement read by his deputy, Dr James Wani Igga, and aired by the state radio Wednesday morning, President Kiir said he was aware of the worsening economic crisis, adding that the government was seeking possible answers to the situation.

He directed the Chamber of Commerce to reform its trade policies to help address some of the economic challenges.

High crime rates

President Kiir further acknowledged the other challenges his administration was facing, include political instability and the high crime rates in the capital Juba.

South Sudan devalued its currency in 2015, on the advice of the International Monetary Fund (IMF), which occasioned the collapse of the economy.

The raging civil war between the factions led by the president and his former deputy Riek Machar have added to the woes of the young nation.

READ: Splintering of Juba war makes peace more elusive

Civil strife

South Sudan has been at war since 2013, just two years after the attainment of independence, which came after decades of conflict with Sudan.

Oil, which was expected to be South Sudan's main revenue stream, has failed to bring the desperately-sought development.

The continuing civil strife has all but stopped production in Unity State, one of the country's two oil areas.

Thousands of South Sudanese have fled the violence at home, while equally large numbers have been displaced internally.