South Sudan: South Sudan Borrows $200m From Oil Companies as War Hits Output

May 28, 2014 | Mading Ngor, Bloomberg
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South Sudan borrowed $200 million from oil operators and postponed repayments on domestic loans after the country’s six-month-old conflict cut crude output, the government’s main source of revenue, Finance Minister Aggrey Tisa Sabuni said.

Loss of about a third of revenue led the government to seek advances from oil producers in South Sudan over the past five months, Sabuni said today in an interview in the capital, Juba. The government also asked to delay payments due on loans to commercial banks and shelved plans to improve the country’s infrastructure, he said.