IMF country representative said in recent meeting in Juba that South Sudan debt is equivalent to 50% of the oil reserves. The level of debts as per now can be higher because the channels that people used to borrow money are very complex and hard to trace at this particular times. In most cases; officials who are serving at higher positions in Government institutions will either go or borrow from rich individuals or countries without proper procedures in place. Most of the borrowings are done without parliamentary approval. In terms of oil incomes, the production is now at 160,000 barrel per a day and with the oil prices down, the money received is about 57 million dollars per a months but the Government expenditure is about 200 millions a months. Looking by the numbers; the Government will be forced to borrow more in order to pay salaries.
Peter Biar Ajak:'South Sudan's debt is equivalent to 50% of the oil reserves'
Peter Biar Ajak Deng
In this exclusive interview, Peter Biar Ajak told SBS about the South Sudanese economy's challenges. Biar said much of the oil's revenues are being paid back as a loan, leaving the South Sudanese government nothing to pay the civil servants. Peter Biar Ajak Deng Biar is a South Sudanese economist who worked in various positions, including the Government of South Sudan at the Ministry of Finance, World Bank, and Center for Strategic Analysis and Research.
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