Latest: Kiir approves Facility Agreement Loan Worth $400 Million From Afreximbank
South Sudan’s President Salva Kiir Mayardit flanked by the national flags (Photo: Supplied)
Nov 17th, 2019 (SSNN)-South Sudan’s President Salva Kiir Mayardit has approved a Facility Agreement for USD 400 million loan finance facility from the African Export-Import Bank.
In an official document signed by the Minister in office of the President, the Presidency directed the Ministry of Finance and Economic Planning to immediately sign the proposed finance documents.
“His Excellency the President of the Republic of South Sudan do hereby approves and accords his consent for the Ministry of Finance and Planning to sign the Loan Facility Agreement and all finance documents for USD 400 million (four Hundred million US dollars) as Loan Finance facility to the Government of the Republic of South Sudan from Afrexim Bank,” the statement issued by the Minister in the office of the President, Hon. Mayiik Ayii Deng partly reads.
Meanwhile, the Office of the President directed the Minister of Finance and Economic Planning, Salvatore Garang Mabiordit to strictly comply with all public management, regulations and accountability as enshrined under the South Sudan Constitution Act 2011.
“In line of the foregoing, His Excellency the President has directed your good self to adhere to ‘the Public Finance Management and Accountability Act 2011’, in application of funds secured under this facility.”
South Sudan, despite its increased oil production in different oilfields, has mired in foreign debts.
According to the World Bank, South Sudan is one of the most oil-dependent countries in the world, with oil accounting for almost the totality of exports, and more than 40% of its gross domestic product (GDP).
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