South Sudan looks for loans to pay salaries!
Juba, Uganda, Khartoum, PR, MP 17 June 2019
The government of South Sudan has announced the intention to borrow a lump sum of $500 million from an African investment bank.
‘This amount will cover salaries of workers, support agricultural activities and basic physical infrastructure in the country’, Minister Michael Makuei Lueth announced over the weekend.
According to him, the President has already directed the Minister of Finance to prepare a memo pending the approval of legislature for the said amount to be released with immediate effect to South Sudan.
So far, the terms and conditions of the loan and its interest rate haven’t been revealed yet.
Meanwhile, the European Union announced the release of 3.5 million Euro to fight ‘Ebola virus’ and stop it from entering into Uganda and South Sudan.
The money which was announced last week will be divided up between Uganda 2.5 million and South Sudan 1 million. News sources said.
However, South Sudan faces harsh economic conditions because of the costly conflict and corruption that sucked oil revenues all throughout the past years.
Currently, South Sudan is desperately looking for outside financial sources to liquidate its programs, including payment of workers’ salaries.
MP
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