Nairobi — South Sudan should stop selling expensive and opaque oil advances, the IMF said, because loan resettlements are hindering spending vital for the implementation of a peace deal.
The government took out loans from several Chinese companies during the war, offering to repay them with future oil proceeds from fields that at their height pumped 350,000 barrels per day . “This measure will also help to ensure that oil revenues will be fully available for financing budgetary spending.”
“With a tight resource envelope, the authorities should strictly prioritise core peace-related spending and payment of civil servant salaries.”
Source: News Formal (newsformal.com)
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