![South Sudan's Minister of Finance and Planning Agak Achuil Lual. [Photo via Twitter]](https://i0.wp.com/www.sudanspost.com/wp-content/uploads/2022/03/FH7OPuXXoAEnC0l.jpg?ssl=1)
JUBA — South Sudan’s finance minister has backtracked on his recent remarks in which he told journalists that the country’s oil has been sold in advance until 2027.
Last week, the minister said the country was currently taking loans to spent because the oil has been sold by his predecessors for the next five years until 2027.
But this afternoon, the finance minister who was summon by Kiir said his remarks were taken out of context by the media and that the country’s oil has not been sold in advance.
“His Excellency Salva Kiir Mayardit, President of the Republic has today…summoned the Minister of Finance and Planning Hon. Agak Achuil Lual and the Governor of the Bank of South Sudan Hon. Moses Makur Deng for a meeting to update him on the status of economic reforms in the Country and the utilisation of the oil proceeds,” the presidency said in a statement.
Speaking to the media, minister Achuil said his recent statement, that South Sudan oil has been presold till 2027, “was taken out of context.”
He explained that what he “meant was the crude(oil) spreadsheet and commitments on the developmental projects until 2027, and it doesn’t mean that South Sudan oil has been sold out.”
Achuil further said that “the oil of South Sudan is still under the ground and actually the Government is working hard to increase the oil production.”
The finance minister and central bank chief further briefed the president on their recent mission to Washington DC where they held meetings with IMF and World Bank, and mentioned that “the IMF is waiting for the audit report to released more money for the Country, according to the presidency.
Achuil further said the two international financial institutions “are grateful and commended the progress made to reform the economy.”
The IMF and World Bank recently conditioned that South Sudan makes reforms in order to qualify for more funding.
Central bank chief Makur said “in any reform agenda(s) there are always challenges of resistance from those who don’t want such reforms” and then expressed that he will stand his ground to make sure that these reforms are made for the benefit of the people of South Sudan.
The Hon Minister of Finance retracted his statements while in fact he told to journalists publicly that ” the Country’s oil have been sold out in advance up to 2027″.