South Sudan’s debts, according to ex-minister Agak, are $2.05 billion.
South Sudan’s foreign loans to international financial institutions, according to the departing Minister of Finance and Planning, are $2.05 billion US dollars.
The majority of the hard money was borrowed from around 20 international banking organizations.
Former Finance Minister Agak Acuil revealed for the first time in parliament on Wednesday, when presenting the national budget, that the public outstanding debts total $2.05 billion in US dollars.
However, the official did not go into any information about the country’s indebtedness.
However, according to a document posted on the Ministry of Finance’s official website, creditors include the World Bank, Qatar National Bank, International Monetary Fund, and African Development Bank, among others.
The Qatar National Bank is the country’s largest lender, with a loan of approximately 600 million US dollars, followed by the American stock exchange corporation NASDAQ with 421 million US dollars.
South Sudan is also owed at least $226 million by the World Bank. The cumulative World Bank monies were purportedly used on programs such as statistical capacity development, fast health outcomes, safety nets, and local government service delivery.
Furthermore, Juba borrowed about $170 million from the International Monetary Money, which was disbursed in two stages as a contingency reserve fund.
This is in addition to the $10 million loan from the African Development Bank. The financing was purportedly used for financial institution development, JEDCO electricity distribution and growth, and other purposes.
Meanwhile, former Finance Minister Agak Acuil said that the administration is working on a plan to keep national debts at a manageable level.
“Madam Speaker,” he added, “the government’s long-term debt management goal will be to obtain appropriate levels of funding at the lowest possible cost and risk.”
“In addition,” Agak told lawmakers, “we will seek ways to guarantee that the national public debt is kept at a sustainable level.”