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South Sudan borrows $500m from Qatar

Author : | Published: Friday, March 27, 2015

The Ministry of Finance has negotiated a loan of 500 million US dollars with the Qatar National Bank.

The national parliament has approved the borrowing, saying the money will be used to meet government expenditure.

“In our constitution article 184 A, says clearly that any borrowing proposal agreed between minister of finance and the Institution concern must be approved by the parliament,” said Thomas Wani Kundu, chairman of the Information Committee in the national parliament.

Much of the government revenues come from oil, whose production has reduced since the outbreak of the conflict in 2013.

Hon Thomas added the loan will be paid to the Qatari National Bank after the conflict.

The parliament approved the loan yesterday.

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