South Sudan: Global Witness Rings Alarm Bell Over South Sudan's Finances

Jul 10, 2014 | allAfrica
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The UK-based Global Witness warned that South Sudan is in the process of racking up more debt of which the bulk of it is not going to be used towards development items.

"On the third anniversary of its independence, South Sudan looks like it is sliding into a dangerous cycle of oil-backed debt. The new budget, announced last week, signaled that another 3 billion SSP ($1 billion) would have to be borrowed from oil companies next year," the transparency group said in a statement yesterday.