Too much Loans from Foreign Banks: Mortgaging the Future of Next Generations in South Sudan
Too much loans from Foreign Banks: Means Illegal selling of the Country and a heavy burden to many coming generations to pay back these accumulative bad debts in future.
By Ariik Kuol Ariik Mawien, Juba, South Sudan
Thursday, October 29, 2020 (PW) — I am very extremely sorry, another $ 250 millions USD loans from AfriAxim bank has been approved by the Parliament. This is a total selling of the Country to foreigners. If we can’t efficiently manage our own oil and non-oil revenues, where are we going to pay back these accumulative bad debts on our Country?
This people must leave before illegally selling the Country. Seeking loans on daily basis is not a genuine solution to our economic crisis. Considering these steps, can simply help regain economic stability on both short and long term basis.
1. strengthening rule of law through radical accountability and transparency, can help this Country out of mess.
2. imposing strong monetary Policy by directly regulating open market operations, fixing exchange rate and price ceiling
3. using oil revenue to empower agriculture through farmers’ cooperatives and unions
4. building reliable infrastructures like roads, railway lines, International airports in the headquarters of three Regions and specialized water ways via River Nile
5. removing, arresting and punishing corrupt individuals within government system
6. stabilizing National security by denouncing all forms of rebellion and comprehensive disarmament of civil population across the Country
7. good governance through liberal Democracy (not guided African Democracy), empowering rule of Law, radical accountability and transparency
8. promoting social Liberties through respect of Human Rights, freedom of speech & expressions, peaceful demonstrations and associations for citizens to hold their government and leaders accountable for any misconduct and mismanagement of National resources and assets. This will help National Scholars, academic think tongues, Civil Society Organizations and Journalists to stongly speak out on complex issues facing the Country and reach reasonable solutions
9. making effective Researches on those countries who have previously gone through such economic depressions and have finally recovered and adapts their policies, strategies and formulas
10. empowering Young South Sudanese citizens financially, train and model them to be successful national entrepreneurs in business sector and help them control all markets across the Country and let foreigners be Wholesalers not retailers anymore. Strong Country, is the one build on solid Foundation of her own successful businesses. Therefore, Country that entirely depends on Foreign businesses is like a vegetable garden where every customer comes, picks what he/she wants and go
11. apart from oil sector, identifying more other economic opportunity sectors such as Agriculture and its allies, mining, energy and services Sectors respectively. This includes; crops, horticulture, animal products, fishery, reliable power/constant electricity, gold mining, natural gas productions, tourism and gum Africa for the Country to open her gate for exports than imports. This will offer more employment opportunities for the citizens and increase individual and National incomes through wages and taxes.
12. effectively controls and regulates Humanitarian and investment fundings throughout the Country. This implies that, all INNGOs, NNGOs and Foreign Investors must open bank accounts with Central Bank of South Sudan for easy control of hard currency and exchange rate fluctuations in open market operations. Besides, all Nationals working with Humanitarian Agencies and Foreign companies must be paid in local currency and avails their monthly personal income taxes (PIT) to the government.
13. revenue collection from government financial Institutions such as South Sudan Electricity Cooperation (SSEC), NilePet, Directrate of Civil Registry, Nationality, Passports and Immigration (DCNPI), Custom Services, Traffic and CID police, must be executed by National Revenue Authority under direct supervision of Ministry of Finance and planning. This will improve non-oil revenue collections and avoid diverting funds into private accounts.
14. improving Foreign Diplomacy with outside world and attract them into the Country to invest in all economic and services Sectors. This can be only achieved if our government can change its current behavior and attitudes towards TROIKA countries such as USA, Germany and Norway.
15. Reviewing Humanitarian Act including UNMISS mandate and change their roles from emergency protection and peace keeping to developmental programs if they are here to help South Sudanese citizens. If not, they will choose to either comply with our needs and demands or exit the Country.
For instance in Uganda, office of the Prime Minister is tasked to decide what programs should all NGOs must implement, period. No argument, no question or objection. Do it or leave. Strong Policy is what make the Country a sovereign Nation, not a Country’s Name and her map or beautiful National flag and Code of Armed or having a President with powerful body guards and Sophisticated large number of weapons.
Corruption must not be tolerated and condoned any more. Corrupt officials must be removed, arrested put on a long queue to face Justice.
I am sure, the next two generations of this Country will face heavy burdens in paying back these loans in the future.
It would be very painful for them to pay back the loans they did not request and loans that had never benefited their grandparents and the Country at a time. In the name of the Country, we borrow as large millions as these bundles and goes into other individual pockets and accounts in hundreds as other separate bundle.
I am tired, my patience wone out. I want somebody to hold the BANNER on the other side and then we go. Oh God, help this Country to vibrantly stand on her own feet.
The Author, Ariik Kuol Ariik Mawien, Holds Post Graduate Diploma in Rural Development and Community Studies (2018/2019) and Bachelor’s of Science in Economics (2013-2017) from Rumbek University of Science and Technology (RUST). He can be reached via his Email: ariikkuolariik@gmail.com Or Twitter: @AriikKuolAriik Skype or WhatsApp: +211 923 650 380Cell Phone:+211 928 187 790
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