More than four years into a civil war that seems as impervious to resolution as ever, South Sudan’s president admits that Juba’s central bank is “empty.” Notwithstanding the cost of the war effort, MEES analysis of oil marketing data over the past three and half years shows that South Sudan’s net earnings from sales of its own crude have dwindled to virtually nothing as the newly-independent country struggles to clear arrears with its new neighbor to the north (see charts).
South Sudan has received just 15% of the $3.62bn in gross export revenue for its crude since the start of 2017. Some $1.97bn has gone to the foreign partners (largely government-owned firms in China, India and Malaysia) which produce the country’s crude, whilst $1.09bn has been ‘diverted’ directly to Sudan, leaving South Sudan with a mere $552mn. (CONTINUED - 2334 WORDS)
