- Written by External Source
- Category: Latest (South) Sudan News From Various Sources
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May 8, 2012 (WASHINGTON) – In response to numerous requests, Sudan Tribune is making the report used for the story ’EXCLUSIVE: South Sudan economy on the verge of collapse, World Bank warns’ available to our readers.
- The flag of South Sudan flies after the United Nations General Assembly voted on South Sudan’s membership to the United Nations at UN headquarters in New York July 14, 2011 (Reuters)
Yesterday the World Bank issued a statement saying that Sudan Tribune’s story "misrepresents the nature and content of the dialogue between the World Bank and the Government [of South Sudan] and development partners".
According to the attached documents, South Sudan is quickly headed towards an economic disaster as a result of its decision to halt oil production because of a dispute with Sudan on how much the landlocked nation should pay to transport and export its crude through Khartoum’s infrastructure.
Oil is the economic lifeline for both nations but South Sudan in particular relies on crude exports for 98% of its income.
"The World Bank is deeply concerned with the economic and development impact of the unresolved oil issues and how this will affect the people of both South Sudan and Sudan, particularly the most vulnerable," World Bank said in its statement yesterday.
"Given the desperate living situation being faced by people in both Sudan and South Sudan, the World Bank’s economic analysis unambiguously shows that it is in the interests of both countries to resume talks urgently," the Bank added.
The United Nations Security Council (UNSC) ordered both nations last week in a Chapter VII resolution to resume negotiations on several key post-independence issues including oil. An agreement need to be reached within four months after which the mediation will propose a solution.
Both countries announced their acceptance of the resolution but Khartoum pressed concern on the tight deadline among other reservations.
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