The Minister of Finance says his ministry will use the country’s oil as security to borrow money for funding developmental projects in the country.

The move came after the Council of Ministers on Friday directed the ministry to carry out the initiative.

Finance Minister Hon. Aggrey Tisa Sabuni said the government has so far gotten $200 million as an advance payment from oil companies operating in the country.

Hon. Sabuni said the process of getting the finance for projects in the country would be done according to the law of the country.

“The applicable law is the public financial management and accountability act,” he explained.

“The act specifies and makes it clear that either or any agency that receives ‘not less than 50% of its budget from the government’ is eligible.

“In our case, the South Sudan road authorities like South Sudan Electricity Corporation, the South Sudan water corporation would be the bodies that would qualify.”

Earlier, the Ministry of Electricity demanded for an additional 14 million US dollars for implementing Fula Rapids Hydroelectricity Dam project to supply power up to Juba by 2017.

Unpaid salaries

Meanwhile, the Minister says May salaries for government employees will be transferred to all state ministries and agencies by next week.

Aggrey Tisa Sabuni denied claims that civil servants have not been paid for four months.

He said the SPLA is the only agency that has not received two months’ salaries.

“As we speak, the agency whose salary has not been transferred from finance ministry for the month of April is the SPLA.

“Every other agency has had their money transferred to them. So, at the state level, at the agency level, if they are paid then that is good. If they are not paid, it is those agencies to explain.”