South Sudan receives $88m in loans from Afreximbank

South Sudan's Minister, Michael Makuei Lueth
Minister of Information Michal Makuei Lueth |Photo: File

Oct 3, 2020 (Thessherald)–South Sudan’s government has received an amount of $88 million in loans from the from the Africa Export-Import Bank (Afreximbank), according to Minister of Information Michal Makuei Lueth.

Speaking to reporters after an extraordinary cabinet meeting, Makuei said the government had decided to borrow money from Afreximbank to improve the economy and settle outstanding debts.

“The Afreximbank in the last meeting approved a loan of $25 million. This time the bank has decided to increase the amount, and it also approved that they will give us an additional sum of $63 million for the same pandemic trade impact mitigation,” Makuei explained.

South Sudan continues to struggle to improve an economy that is nearing total collapse due to corruption, sharp drops in oil prices and the coronavirus pandemic.

In August, President Kiir set up a committee charged with overseeing the management of the economy.

The Committee consists of ministries of finance, trade and industry, petroleum, mining and the governor of Central Bank.

Leave a Reply

Your email address will not be published. Required fields are marked *