South Sudan’s government is releasing $10 million in a bid to shore up the economy and stabilize the rapidly rising black market exchange rate.
Undersecretary of Commerce Biel Jock Thick said the money came from South Sudan’s oil revenue. He announced the decision Monday following a meeting of the economic crisis committee.
“You remember one month back I promised you that the government is looking for $10 million to bring food for the Juba market and other states,” he said. “Today the concrete decision has been made, so the money will be released.”
Five million is slated to go to Alfa Bank and the remaining money will go through Ivory Bank. Thick said the process should begin next week “and we will have the food in the market.”
He said the two banks will construct local companies in the country to import food commodities from Uganda and Kenya.