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South Sudan parliament approves $47.88m AfDB loan

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September 30, 2017 (JUBA) - Members of South Sudan parliament on Monday approved a $47.88 million loan obtained from the African Development Bank (AfDB).

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South Sudanese MPs stand during a parliamentary session in Juba on 31 August 2011 (AFP)

The approval came after the chairperson of parliament’s finance committee, David Nailo presented before lawmakers documents on the AfDB loan.

The loan, he told his counterparts, was provided by the financial institution on concession terms for developmental activities in the war-torn nation.

According to the lawmaker, $27.76 million dollars of the $47.88 million was given to the government as a loan at an interest ranging from 0-1 percent per annum while the $20.12 million was given as a grant to the government.

He, however, stated that 14.75 million of the loan will be used to develop the Juba power distribution system’s rehabilitation and expansion project.

$18 million will be used for membership subscription to regional financial institutions, including the Trade and Development Bank, which South Sudan recently joined.

Another $15.13 million, the finance committee chair said, will be for institutional support for domestic revenue mobilization, citing the establishments of South Sudan Revenue Authority.

When South Sudan got its independence in 2011, one of its daunting challenges was how it would diversify an economy, largely dependent on oil revenues, which supports 98 percent of its budget.

(ST)

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  • 1 October 07:35, by Rumbek S. Sudan

    Is the parliament comfortable with the current roads in South Sudan? I thought infrastructure will be the major factor to improve diversification of our economy. How long will Salva Kiir be asking defense ministry to repair roads?

    repondre message

  • 1 October 08:30, by Eastern

    The kleptocracy in Juba is out on an all-out mortgaging spree..! Kiir carelessly squandered the little that South Sudan has to fight a futile war; now he’s mortgaging the country by taking loans after loans..!

    repondre message

    • 1 October 09:04, by jubaone

      Eastern,
      The Kiirminal has no strategy for repayments of these loans. SS will default and is unable to repay the creditors and so mortgage much of all unexploited resources to that end. These means 1-3 generations will have to bear this stupid unaccounted loans and so remain in perpetual debt. Khartoum has struck good deal with idiots.

      repondre message

  • 1 October 12:55, by Wutkhor

    Dinka’s are the best for stealing, destructions, lies and grabbing other belonging.
    It’s a big and great crime to share same nationality with Dinka’s, SS must be splits into various states otherwise we wil not stop fighting until Dinka’s are overthrown or the country will permanently instable.

    repondre message

    • 1 October 18:13, by Don-Don Malith Rual

      This man 👨 need to be sealed 👄 mouth with some dollar 💵 dollars and you can see him changing his statement by tomorrow.
      Or have his mouth 👄 zip. MONEY TALK, IF you doubt me try that n this has been Our biggest problems as Southerner, you can’t find any honest person when it comes to money 💵 game

      repondre message

  • 1 October 15:19, by Wensi

    Loan after loan after loan. This shows that the evil-hearted fools don’t care at all about the future of South Sudan and the burden they’re going to leave to the next generations. They have heavily debt the country. It’s only God who knows when He will let Kiir Mayar says that, he had enough.

    repondre message

  • 1 October 18:27, by Don-Don Malith Rual

    The country is in debts this is why we are voiceless, n told what to do by burgorise (the ruling elite) 🌕
    Only folks themselves will look for possible 🙆 way to redicat this poverty we are in

    repondre message

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