FACTBOX-Key terms of Sudan wealth sharing pact
NAIVASHA, Kenya, Jan 7 (Reuters) – Following are the key terms of a wealth sharing pact signed on Wednesday by the Sudanese government and southern rebel foes of the Sudan People’s Liberation Army.
It covers the division of oil and non-oil revenues, management of the oil sector, monetary regulation and reconstruction of the south and other war-affected areas.
Its terms apply to a so-called pre-interim period that will last for six months following any final peace deal, and also to a six-year interim period that will follow thereafter.
The two parties, trying to end a 20-year-old civil war, have already agreed that at the end of the interim period the south will hold a referendum on independence.
— “The parties agree the wealth of Sudan shall be shared equitably so as to enable each level of government to discharge its legal and constitutional responsibilities and duties.”
— “The parties agree that an independent National Petroleum Commission (NPC) shall be established during the pre-interim period and its decisions shall be by consensus…The NPC shall formulate public policies and guidelines in relation to the development and management of the petroleum sector.”
— “(The NPC shall) negotiate and approve all oil contracts for the exploration and development of oil in the Sudan and ensure they are consistent with the NPC’s principles, policies and guidelines.”
— “The parties agree that at least two per cent of oil revenue shall be allocated to the oil-producing states/regions in proportion to output produced in such states/regions.”
— “After the payment to the oil revenue stabilisation account and the oil producing states/regions, 50 per cent of net oil revenue derived from oil producing wells in southern Sudan shall be allocated to the government of southern Sudan as of the beginning of the pre-interim period, and the remaining 50 percent to the national government and states in northern Sudan.”
— “The parties agree…to have a dual banking system in Sudan during the interim period. An Islamic banking system shall operate in northern Sudan and conventional banking system shall operate in southern Sudan.”
— “The parties agree to restructure during the pre-interim period the central bank of Sudan to reflect the duality of the banking system in Sudan. The central bank of Sudan shall therefore use and develop two sets of banking instruments, one Islamic and the other conventional to regulate and supervise the implementation of a single monetary policy.”