South Sudan Orders Government Bodies to Bank With Central Lenderby
South Sudan ordered all government institutions, including state-owned oil and mining companies, to end their business with commercial lenders and open new accounts with the war-torn African nation’s central bank.
The steps will enable the Finance Ministry “to perform and exercise functions and powers appropriate and necessary for efficient and effective public finance management and accountability,” according to the Aug. 6 order signed by minister Stephen Dhieu Dau. They will also “enhance timely reporting to relevant government levels and international financial institutions,” he said.
Institutions and companies affected by the order should start new accounts with the Bank of South Sudan in settlements where it has branches, or with an agent bank nominated by the lender, according to the statement.