Tuesday December 12, 2017

South Sudan Government Borrowed $0.5 Billion Dollar to Finance the Government and Pay UPDF Forces

Bith Jonathan

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JUBA – the government of South Sudan through its finance ministry approved the borrowing of $500,000,0000 to cater for the operation of the government businesses and to pay the Ugandan forces fighting along the regime against the rebels forces of the former Vice President Dr Riek Machar.

The loan was negotiated through the help of an Arab business consortium and the money was borrowed from ADNOK of the United Arab Emirates.

Based on ad hoc documents obtained by the Upper Nile Times, the interest rate negotiated by South Sudan finance ministry and ADNOK amounts to $30 million a year in repayments making it among the most expensive foreign financial loan deals in Africa.

South Sudan’s council of ministers accepted the deal as the government is running out of hard currencies due to global oil crisis and the continuous fighting in most oil producing areas.

THE UPPER NILE TIMES

Bith Jonathan

Bith Jonathan is an award-winning journalist and columnist. He holds a bachelor’s degree in mass media and journalism from the prestigious kenyan school of mass media.


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