THE COUNTRY’S HIDEOUS DEBT BURDEN IS ENSLAVING IT
When ministers, governors or other people in high places are fired by the same person who appointed them, one would assume that the replacer is going to be genuinely better than the former.
Unfortunately, for our country, we have seen appointees coming with the same or worse work plans for office and this leads to more expulsions and re-appointments. This is not a solution to the under development of South Sudan.
The former Finance minister revealed that the country has an outstanding 2.05 billion US dollar – debt which she owes to Qatar National Bank, African Development Bank, International Monetary Fund, World Bank and other creditors. This is a debt too big for a country that is recovering from war and still dealing with avoidable conflicts. This however might only be a tip of the ice berg.
Reportedly, the government spent the loan on developments of financial institutions, JEDCO power distribution but the power that is distributed in the town alone is in specific areas. No criterion is clear as to what the determinants are for the distribution of electricity by the JEDCO which the government has wholesomely borrowed crazy money to provide to the public. The lighting in town from an aerial view would look like scattered settlements on a map for a Geography scholar.
The former Finance minister also explained that there are strategies that the government has come up with to ensure that the national public debt is maintained at a sustainable level by raising adequate levels of financing at minimum cost and risk.
The debtor is slave to the creditor – but for a country whose debt is almost twice its GDP, how bound could South Sudan be?