South Sudan Cuts Budget by 26 Percent After Shutting Oil Output
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Sudan Sudan has cut spending by 26 percent a month after it shut down oil production in a dispute with Sudan over crude-transportation fees, Finance Minister Kosti Manibe Ngai said.
The government of the newly independent nation has reduced monthly spending to 650 million South Sudanese pounds from 880 million, he told reporters today in the capital, Juba. The official exchange rate ranges from 2.9 to 3.1 pounds per dollar.