South Sudan borrows $400 million from Afrexim Bank’
November 17th 2019 (Nyamilepedia) – South Sudan government has borrowed $400 million from the African Export and Import (Afrexim) Bank, according to the presidency. It is not clear how the money would be spend.
In a document signed by the minister in the office of the president Mayiik Ayii Deng, President Salva Kiir directed the minister of finance Salvatore Garang to sign the proposed finance documents in line with public management, regulations and accountability as enshrined under the South Sudan Constitution Act 2011.
“His Excellency the President of the Republic of South Sudan do hereby approves and accords his consent for the Ministry of Finance and Planning to sign the Loan Facility Agreement and all finance documents for USD 400 million (four Hundred million US dollars) as Loan Finance facility to the Government of the Republic of South Sudan from Afrexim Bank,” Ayii said in the letter.
He said the finance minister has been directed to do so in adherence to “‘the Public Finance Management and Accountability Act 2011’, in application of funds secured under this facility.”