Gov’t to pump $250m into market to boost ailing economy
Oct 16, 2020 (Thessherald)–The South Sudanese government is seeking to inject $250 million into the financial market to improve the country’s failing economy.
Dr. David Nailo Mayo, the Chairperson of the Finance Committee in the Transitional National Legislative Assembly said that the approved loan will significantly reduce the current economic downturn.
Last month, the Council of Ministers issued a resolution approving a $ 250 million financial loan from the African Export-Import Bank in the hope of stabilizing the ailing economy.
According to the government official, the requested loans will go a long way towards paying salaries of civil servants who have gone for months without receiving their monthly wages.
While announcing the approval of the budget, the South Sudanese official, David Nailo Mayo confirmed that the loan will be disbursed once the request reaches the African Export-Import Bank also known as Afreximbank.
South Sudan, despite the significant reduction in the intensity of armed conflicts, remains in the grip of an economic depression as a result of the sharp drop in oil prices, corruption and now the current global pandemic.