South Sudan has announced that it is seeking $250 million from African Export and Import Bank (Afreximbank) to cushion its economy from disruptions resulting from the COVID-19 pandemic.
According to the country’s deputy minister of Agriculture and food security, Lily Albino Akol, the loan facility will be used to finance government priorities including mitigating the impact of COVID-19 on the economic sector.
Akol adds that the government is in the final stages of securing a deal with the bank, noting that the loan will be utilized for bridging revenue deficits created by COVID-19’s impact on the economy.
Key areas to be funded through the loan include peace implementation and economic mitigation , especially after the low economic growth imposed by the COVID-19 pandemic.
“We will look at the implementation of the peace agreement, the fight against COVID-19 and food security in terms of availability of necessary commodities in the market as well as agricultural production,” Akol adds.
The move comes barely a week after the central bank announced that it has run out of foreign exchange reserves.
Copyright: News Central TV
All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from News Central TV.
