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South Sudan to borrow about $1 bln from oil firms in 2014/15: budget

03 July 2014, 08:38

Juba -  South Sudan plans to borrow 3 billion pounds, about $1 billion at the official rate, from oil firms during the financial year 2014/15 to help cover repayments due on domestic loans and previous oil advances, the government said in a budget document.

It expects revenues of 11.553 billion pounds for the fiscal year starting in July, with about three quarters of that forecast to come from oil earnings, said the text of the finance minister's speech dated June 25. A lawmaker said it was presented to parliament on Wednesday.

It said revenues were based on oil output rising to 260,000 barrels per day by the end of the year from 180,000 bpd at the start of the year. An oil ministry official last month put production now at about 160,000 bpd.

- Reuters


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