Home | News    Saturday 3 December 2011

South Sudan seeks over $600 million from international banks

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December 2, 2011 (JUBA) - South Sudan plans to borrow $679 million in the 2011-2012 financial years to invest in improving its road and rail networks, a senior official with the Finance Ministry said on Friday.

Central Bank of South Sudan

That will be in addition to the more $250 million loan expected from other internationals bank including International Monetary Fund, as well as the African Development bank, the official who requested to remain anonymous having not been authoritised to speak to the media told Sudan Tribune on Friday.

The official said the government is seeking to raise at least $750 million in the 2012-13 periods.

"This shows the level of confidence our government has in our economy,” he said.

"With the oil experiencing difficulties on the way to the international markets, the government feels obliged to seek loans from friendly countries so that we can support our developmental projects”, the official adds.

He pointed out that there is an urgent need for financial support from the international community so the government can implement pending projects due to funds.

"There are a lot of projects which have not been implemented since when some of them were identified two to three years.

“There was a project to build oil refinery in Akon. There was also a plan to do the same in Bentiu, Malakal and Bor but these projects are not being implemented now, because of financial constraints. They are stuck simply because there is lack of funds and the government cannot be blamed because there are a lot of priorities”, he explained.

He further added that the government of the newly born nation plans to build new roads and rail lines to mainly areas with “highest economic potential,” such as agriculture, mining and tourism, according to its five-year development plan.

Civil wars for most of Sudan’s independence have destroyed the little infrastructure that South Sudan has.

The loan targeting World Bank and other public lending institutions would last for seven years, with a two-year grace period and after that a 5.2% annual interest rate, he said.

South Sudan’s economy has struggled since independence, coping with the introduction of a new currency, and high inflation. Corruption has also restricted South Sudan’s ability to implement infrastructure projects.

(ST)

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  • 3 December 2011 07:19, by AUGUSTINO DENG

    I don’t think that the international banks will accept the South Sudan government to brought such huge amount of dollars since there is too much corruption in South Sudan.

    For South Sudan government to get such a huge amount of dollars, the should have to remove president Kiir and Dr. Riek Machar from power. These two people are they most ever sycophant leaders in South Sudan.

    By Augustino

    • 3 December 2011 07:33, by Ahmed Chol

      No money should be borrowed,

      We have enough money from the oil. Whatever we borrow now is going to have a high interest and it will be hard to pay back later. That debt will triple in 10 years. Do you know why most countries in Africa are in debt forever? Find out first. That money will end up in wrong hands before it is used for the right thing. Use oil money and don’t borrow trouble.

    • 3 December 2011 08:06, by Nuerone Mafitabu

      @ Ahmed chol and Jalaby,
      That is right,Those who steal money last time is still in the goverment, what money world bank will give them?
      We refuse that.NO,NO,NO,NO,NO,NO.

    • 4 December 2011 04:19, by SSLA/M Supporter

      hahahahahahaha!!

      Here we go! the bush politicians of SPLA/M thugs have run out of cash due to misappropriation of oil money by the SPLA alcoholic Generals and SPLM that are running the affairs of RoSS, and now those thugs are seeking financial loan from International Monitory Fund to drown this poor country in debt with IMF! Where is the oppositions or they are just there as pictures!

  • 3 December 2011 07:19, by Nuerone Mafitabu

    That is good for development,but let us take care for those who will use the million.since they change minister for roads up to now, nothing have been done,why mr president?

  • 3 December 2011 08:08, by Spider

    I think it is not a bad idea to get some financial assistant from international banks but we are premature to involve oureselves in debt. why not we focus in our little resources and than we learn from what are the challenges we faced during our journey and than we capitalise on our experiences.

    Just opinions...

    Spiderman

  • 3 December 2011 08:26, by J P Puok

    I urge any citizen of SS with the country in heart to stop viewing this website for the news, only can turn other sites like SouthSudannation where civilized civilians amicably exchanging views with respect.
    this site had been invaded by irresponsible pple you know them mostly 5 are southerners and 3 are northerners they really cause me nauseance seeing their comments. otherwise we are going null

  • 3 December 2011 08:33, by J P Puok

    Or else ST should revise its policies on pple using fake names instead of their real names . everyone must use his or her real names and real email adress printed to stop thugs who are abusing this site behind the curtain.or excute the regulation you put there for no use !

    • 3 December 2011 08:39, by J P Puok

      ..... plan to build refinery in Akon...! is it not a copy of the NCP building refinery in Jielly and Port Sudan while crude produce in Bentiu?
      Where will Akon obtain crude from ?
      Bentiu?
      Upper Nile?
      or where help me out
      Double standard and should not be allow to materialise by hooks or crooks. Bentiu,Adariel and Malut should start first logic or else !

  • 3 December 2011 09:01, by marie

    I think there is something wrong in the mind of our politicians and those in position of power. You want to borrow money for the essential projects while embarking on building a new capital. What kind of brain are you people using. I think South Sudan should be handed to UN to run its affairs for 10 years before handing it back to us, because our people are not thinking straight.

    • 3 December 2011 11:12, by Abyei Soil

      There is something wrong with this article and unfortunatetly, people just jump and comments on it negligently, why the reporter do not put the finance year for loan correctly to people? At first says, South Sudan want to take a loans for financial year 2011- 2012 in which 2011 is coming to an end in next 28 days and then, in another paragraph put that financial year for loans to 2012-2013 respect

      • 3 December 2011 11:16, by Abyei Soil

        ...2012-2013 respectively.
        Secondly, the interviewer’s names are not publicly acknowledged to us. If the report was true coming from the people you believe to be corrupt officials directly from the govt then why do they avoid displaying the names of the person. Lastly, there is no bank which give loans on past year, I mean you can not take a loans on December and regard it to be the loans of that

        • 3 December 2011 11:18, by Abyei Soil

          ...that year. That’s impossible. This report is not genuine to me.

  • 3 December 2011 11:13, by mohammed ali

    Is this why SS don’t want to pay the transit fees for the pipeline? Where do the billions of oil money go? Southerners are suffering badly and returness to the north are speaking about horrible stories. Since session they have recieved about $ 5 billions and I donnot see amajor project to consume it all.The demands of average citizent are very modest only food and peace; they are getting none!

    • 3 December 2011 15:45, by Force 1

      Ali, 500,000 barrels were produced every single day before and after the CPA was signed, do the maths, do you believed $ 5 billion South Sudan received is all the money that came out through that calculation?
      The clawns alway believed they know anything when they think no one is asking questions from the other side.

    • 3 December 2011 15:57, by Force 1

      Mohammad, if they don’t pay, please don’t ship any oil for South Sudan, that’s part of "take it or leave it" I know because you like to sing that song often. If some one don’t want to pay you why work for them? Is this not clear to you now that you’re desperate for cash?

      • 3 December 2011 20:34, by mohammed ali

        Force, read my posting again, I said sice session and not since CPA!Since CPA Billions had been transfered to foreign banks, this why Helda Jones is calling to repatriate this loooted mony.Mathematically you produce around 480,000bbd,30% goes to the companies and you are left with 266,000 multiply this by 100 in 180 days it will be around 5 billions,and tell me who is the clown?...

        • 3 December 2011 20:43, by mohammed ali

          It is in our interest that oil is exported through our country and it is in your interest as well;but not for free!Your negotiators rejected our proposal,African proposal and the IMF proposal;it doesn’t work like this.I repeat negotiate in good faith which is good for both of us otherwise ,am sorry this service cannot be free and you cannot dictate our price, at the end it will take it or leave it

    • 3 December 2011 16:31, by Gunkills

      @Ali
      This discussion has no anything to include yourself in. No S. Sudanese seeking refuge in your country(N.Sudan) and we have more then 40,000 North Sudanese refugees in RoSS because you people are leaded by a criminal president.

      • 3 December 2011 21:03, by mohammed ali

        Gunkills, see we are only 3 Sudanese on this site, but all of you talk about any and every thing in Sudan,now you are blaming me!Funny!You are wrong there are still more than one million southerners who donnot want to go back, and many, who had been inrimidated to go to SS are coming back vowing never to go to SS again.We have less than 1000 in the South,many have been forced to leave.

  • 3 December 2011 12:13, by Father of earth and heaven

    Shame to the GSS. I hope the IMF turn their application down.

  • 3 December 2011 14:10, by Jamjamez

    As a responsible citizen of South Sudan, it is not wise for our government to borrow money right at this time. This is inviting debt on the future generation which is the reality that is haunting many Africans Countries. We do not need this, we are blessed to have natural resources such as oil.
    The Second reason is that, lots of money is lost to corruption, get that money back!No borrowing money!

  • 3 December 2011 14:36, by Lokeji

    i think, it will not be a good ideal for the friends of south sudan and other international bodies to encourage these thugs to indulge south sudan into this huge loan while we didn’t see any fruits of the previous donors money plus the oil money in our daily lives.the current development which is taking place is only individual struggles.

  • 3 December 2011 21:33, by Murle Intellectual

    That is not a good move. They are making $$ to disappear. There is a real suffering by the people of South Sudan. Those jonkoz thieves hide all the dollars in there pockets and now they ask for more dollars to steal and then later to be paid by our money whom we are being denied access to $€£ Why?



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