South Sudan government will not be offered the $250 million loan it has requested from the Africa Export and Import Bank (AFREXIMBANK), sources said on Saturday.
According to a senior government official who spoke to Ramciel Broadcasting, the Central Bank of South Sudan will not be offered the amount to top up the bank which its foreign reserves have ran out.
“There are some powerful individuals who have blocked the bank from borrowing such amount of money but these are not South Sudanese. These are foreigners,” he said.
The alleged reason is that the money will not be used to resuscitate the dead economy but instead goes to individuals pockets.
According to reports, the South Sudan officials have been engaging in massive corruption of which led to collapse of the country’s economy.
In a move to tackle the economic crisis, President Kiir has two weeks ago formed Economic Criss Management Committee which has already provided findings and summoned heads of administrations to answer for the embezzlement of public money.
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Senior officials facing possible prosecution for embezzling $3.1 million
The fate of the officials such as the DG of Traffic Police and the Finance Minister, Salvatore Garang Mabiordit and Head of Customs, Gen. Akol Ayii is yet be known as the public await the president’s decision on what should be done to the corrupt officials.
As of this year, South Sudan stands as one of the poorest nations on Earth.