南苏丹向阿联酋提供120亿美元贷款引发民众争议
2024-05-02 15:27阅读：
South Sudan’s $12 billion loan from UAE
sparks public debate
April 30, 2024 (JUBA) – South Sudan’s plan to borrow over $12
billion from a Dubai firm has ignited public controversy. Activists
question the nation’s ability to repay the loan, given its ongoing
struggles to meet basic obligations after years of civil war,
including paying civil servant salaries.
The agreement, one of the largest oil-backed deals ever, is the
second struck under President Salva Kiir, using oil as collateral
for infrastructure projects with Chinese companies.
At a ceremony introducing the new finance minister, Daniel Awow,
former minister Barnaba Bak Chol claimed his ministry successfully
negotiated deals with various financial institutions and
international companies to lessen South Sudan’s dependence on oil
revenue.
“To diversify our income and reduce reliance on oil, we need
significant efforts to increase non-oil revenue and seek external
loans,” Cho
l announced. “We negotiated with numerous international
institutions, including Hamed Bin Khalifa in Dubai, for a long-term
facility. We aim to use these loans to pay salaries and fund
government operations. I am hopeful that some of these transactions
will be finalized soon.”
Chol also highlighted ongoing investment opportunities with
Bahraini companies in agriculture, livestock, fisheries, gold
mining, and medical services.
However, many criticize the wisdom of the loan agreement, which
stretches over 20 years. Signed in December 2023 with the
Dubai-based Hamad Bin Khalifa Department of Projects (HBK DOP),
Chol committed 70% of the loan to infrastructure.
According to a document obtained by the Sudan Tribune, the lending
firm is linked to Sheikh Hamad Bin Khalifa Al Nahyan, a distant
member of Abu Dhabi’s royal family. The agreement reportedly offers
South Sudan $10 less per barrel of oil than the international
benchmark price.
“This enormous loan will burden the country for generations to
come,” said Deng Mawien, a Juba-based activist. “With South Sudan’s
oil flowing freely, where will the money come from for repayment?
There are no known alternative sources of revenue.”
Juma Rombe, a South Sudanese businessman, fears the loan will be
extended and become the responsibility of future administrations.
“This 20-year loan ties future governments to this obligation,”
Rombe observed.
There is no indication of when the first $5 billion instalment will
be paid, and attempts to reach HBK DOP and the government for
comment have been unsuccessful.
Some argue that the deal needs approval from the Council of
Ministers and the reconstituted transitional national legislative
assembly. Others believe a specialized parliamentary committee
collaborating with select cabinet ministers should review the
agreement to avoid public scrutiny.
President Salva Kiir fired Barnaba Bak Chol in March after a surge
in consumer prices, a decline in the local currency’s value, and a
shortage of supplies.
Economic analysts see the loan as part of Gulf countries’ and
regional businesses’ aggressive expansion into new markets. In
February, the UAE offered Egypt a $35 billion lifeline and has
pledged more investment in Africa than any other region. Oil-backed
loans can be attractive for resource-rich developing nations that
struggle to secure traditional financing.
However, others doubt the government’s ability to repay the debt,
citing past failures that resulted in lawsuits. A UN report in
April 2021 revealed that South Sudan lost nearly 25% of potential
revenue on a $446 million loan due to fees, interest, and costs.
Oil exports account for roughly 90% of the country’s income.
In 2019, South Sudan agreed to forgo new oil-backed deals to secure
a $52 million IMF support package. The IMF has called such loans
“non-transparent, costly, and encourage misuse.” UAE-based
companies have been frequent creditors to South Sudan. UN
investigators reported in 2022 that some loan proceeds were
deposited into UAE government accounts rather than South Sudan’s
designated oil revenue account. Their latest report expresses
concern about South Sudan’s continued pursuit of oil-for-cash
loans.
