Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.

Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.

Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.


South Sudan seeks $1.6bn for new budget

19 September 2013, 08:49 Reuters

Juba - South Sudan plans to borrow 4.9bn South Sudanese pounds (SSP), or about $1.6bn, to fund its 2013/14 budget of 17.3bn SSP, Finance Minister Aggrey Tisa Sabuni said on Wednesday.

The landlocked African nation has been on an austerity budget to weather a 16-month shutdown of its oil production in a row with neighbouring Sudan, through which it has to transport its oil.

The main source for its budget, oil has been flowing again since April, but output is down 50% at 200 000 barrels a day compared to levels before the shutdown.

Sabuni told parliament the government hoped to raise 10.6bn SSP in oil revenue this fiscal year and 1.5bn SSP in non-oil revenues.

Sabuni said the government was forced to borrow 4.7bn SSP in international and domestic markets during the last fiscal year.

"If the oil is not shut down again, our financial situation should improve markedly through this fiscal year," Sabuni told lawmakers.

Oil ministry officials have said they hope to increase production to 250 000 bpd before the end of the year.

Sabuni said 8.1bn SSP of this year's budget is set aside to repay loans and pay arrears, rebuild cash reserves and pay Khartoum agreed pipeline and other fees.

This year's budget is up 2.58bn over last year's austerity budget. It also sees an increase in spending on social services and a cut in the percentage given to the security sector - from 58 percent in 2012/13 to 50% this year.

South Sudan's fiscal year ends in June. An earlier 17.3bn SSP budget was introduced in June, but recalled after President Salva Kiir sacked his entire cabinet in July. Lawmakers now have 45 days to approve the budget.


Read News24’s Comments Policy

Comment on this story
Comments have been closed for this article.

Read more from our Users

Submitted by
Jayne Zack
I am in ODM to stay, Busia Depu...

Busia Deputy Governor Kizito Wangalwa told Deputy President William on the face that he was in the Orange Democratic Movement to stay. Read more...

Boda Boda operators in Bahati rai...

Motorbike Boda Boda operators from Bahati Sub county on Tuesday took to the streets of Nakuru’s CBD lamenting over what they term is harassment by patrol police officers in the area. Read more...

Submitted by
Gabriel Ngallah
Human Rights activist lives in fe...

The Human rights fraternity in Mombasa is currently living in fear after the home of one of the vocal human rights champion was invaded on Monday night. Read more...

Submitted by
kel wesh
Poisonous milk powder siezed by K...

The Kenya Revenue Authority has seized two containers with illegal milk powder which had been declared as gypsum board at Mombasa port. Read more...

Submitted by
William Korir
Be ready for protests, Raila warn...

Expect protests if meddling with Auditor General continues, Raila Odinga has said. Read more...

Submitted by
Kenya says will return to interna...

Kenya will return to international markets to borrow when it feels the time is right, National Treasury Cabinet Secretary Henry Rotich said on Tuesday. Read more...