S. Sudan inflation caused by “well-connected” elites: report - Article <http://www.sudantribune.com/spip.php?article55837#tabs-1> - Comments (2) <http://www.sudantribune.com/spip.php?article55837#tabs-2>
[image: email] Email <http://www.sudantribune.com/spip.php?iframe&page=enviar_email_articulo&id_article=55837> [image: print] Print <http://www.sudantribune.com/spip.php?iframe&page=imprimable&id_article=55837> [image: pdf]Save <http://www.sudantribune.com/spip.php?page=spipdf&spipdf=spipdf_article&id_article=55837&nom_fichier=article_55837> [image: separation] [image: increase] <http://www.sudantribune.com/spip.php?article55837#> [image: decrease] <http://www.sudantribune.com/spip.php?article55837#> [image: separation] [image: separation] - [image: Inline image 1] <http://www.facebook.com/sharer/sharer.php?u=http%3A%2F%2Fwww.sudantribune.com%2Fspip.php%3Farticle55837&t=S.%20Sudan%20inflation%20caused%20by%20%E2%80%9Cwell-connected%E2%80%9D%20elites%3A%20report%20-%20Sudan%20Tribune%3A%20Plural%20news%20and%20views%20on%20Sudan> - [image: Inline image 2] <http://www.myspace.com/Modules/PostTo/Pages/?u=http%3A%2F%2Fwww.sudantribune.com%2Fspip.php%3Farticle55837&t=S.%20Sudan%20inflation%20caused%20by%20%E2%80%9Cwell-connected%E2%80%9D%20elites%3A%20report%20-%20Sudan%20Tribune%3A%20Plural%20news%20and%20views%20on%20Sudan> - [image: Inline image 3] <http://twitter.com/share?text=S.%20Sudan%20inflation%20caused%20by%20%E2%80%9Cwell-connected%E2%80%9D%20elites%3A%20report%20-%20Sudan%20Tribune%3A%20Plural%20news%20and%20views%20on%20Sudan&url=http%3A%2F%2Fwww.sudantribune.com%2Fspip.php%3Farticle55837> - [image: Inline image 4] <http://buzz.yahoo.com/submit?submitUrl=http%3A%2F%2Fwww.sudantribune.com%2Fspip.php%3Farticle55837&submitHeadline=S.%20Sudan%20inflation%20caused%20by%20%E2%80%9Cwell-connected%E2%80%9D%20elites%3A%20report%20-%20Sudan%20Tribune%3A%20Plural%20news%20and%20views%20on%20Sudan&submitSummary=%20July%2026%2C%202015%20%28JUBA%29%20%E2%80%93%20The%20involvement%20of%20elites%20in%20the%20South%20Sudan%27s%20financial%20sector%2C%20particularly%20speculation%20in%20the%20parallel%20currency%20market%20by%20%28...%29%20> ------------------------------ July 26, 2015 (JUBA) – The involvement of elites in the South Sudan’s financial sector, particularly speculation in the parallel currency market by the well-connected, is responsible for the currency depreciation and inflation in the country, a new report said. [image: JPEG - 20.6 kb]*Women sell food at Konyo Konyo market in South Sudan (Reuters)* The 16-page report, entitled “The Nexus of Corruption and Conflict in South Sudan”, was released on Monday by The Sentry, an initiative of the Enough Project, together with its supporting partners C4ADS and Not On Our Watch (NOOW). It mainly identifies four major sectors in which the country’s wealth and revenues are said to be diverted towards the personal and institutional interests of elites: The areas mentioned in the report include the extractives sector, the military, state spending and the money laundering hub. “The emerging financial sector in South Sudan has been exploited by elites who use it as a laundering and revenue-generating vehicle,” says report obtained by *Sudan Tribune*. According to the report, the International Monetary Fund (IMF) warned in December 2014 that South Sudan’s reserves amounted to less than three weeks of imports, a situation which saw the Central Bank resort to borrowing and printing money, leading to inflation. “The diversion of dollars into the parallel currency market is increasing pressure on the Central Bank’s foreign exchange reserves,” it adds. The South Sudan’s economy, it said, is currently facing a major financial squeeze with oil revenues drying up and conflict and corruption minimising the effectiveness of foreign investments and humanitarian donations. "South Sudan’s elites have built a kleptocratic regime that controls all sectors of the economy, and have squandered a historic chance for the development of a functional state. Predatory economic networks play a central role in the current civil war, because much of the conflict is driven by elites attempting to re-negotiate their share of the power balance through violence,” said John Prendergast, co-founder of The Sentry. “Any effort to end the war in South Sudan requires much greater financial pressure on those elites and the networks that fund violence,” he added. Meanwhile the report recommends that financial drivers of the conflict and motivations of the major players be understood as essential in the ongoing peace negotiations. It further urges the international community and regional actors to pursue a more deliberate strategy to diminish the incentives and resources that are funding and fueling the current conflict. “This strategy includes: promoting budget and beneficial ownership transparency, conditioning aid and assistance on measurable improvements in procurement and contracts oversight, building sanctions enforcement capacity, and pushing for targeted financial enforcement measures to freeze and recover assets of those who have skimmed profits from the ongoing conflict,” stressed The Sentry’s newly released report. (ST) Comments on the Sudan Tribune website must abide by the following rules. Contravention of these rules will lead to the user losing their Sudan Tribune account with immediate effect. - No inciting violence - No inappropriate or offensive language - No racism, tribalism or sectarianism - No inappropriate or derogatory remarks - No deviation from the topic of the article - No advertising, spamming or links - No incomprehensible comments Due to the unprecedented amount of racist and offensive language on the site, Sudan Tribune tries to vet all comments on the site. There is now also a limit of 400 words per comment. If you want to express yourself in more detail than this allows, please e-mail your comment as an article to [email protected] Kind regards, The Sudan Tribune editorial team. <http://www.sudantribune.com/spip.php?article55837#forum> - 27 July 10:38, by Eastern Recently a number of ’companies’ were named in deals that bled the countries coffers dry. As is the case with South Sudan, nothing has been done to reverse the trend because at the tail-end of the named entities are powerful people in Kiirs regime; most of the entities are from his backyard. Cry the beloved country! repondre message <http://www.sudantribune.com/spip.php?page=forum&id_article=55837&id_forum=336760> - 27 July 10:43, by Eastern The Dinka-led SPLM government thought waging a war was going to be a tea party, the little the country stashed away in its central bank dwindled within a very short time thanks to sticky fingers of its elites. Salaries have remained the same while the pound has lost its purchasing power. Kiir and Riek have to accept the proposed IGAD-Plus deal however tasteless it may be; South Sudan is dying!!! -- To post to this group, send email to [email protected] To unsubscribe from this group, send email to [email protected] Visit this group at https://groups.google.com/d/forum/southsudankob View this message at https://groups.google.com/d/msg/southsudankob/topic-id/message-id For more options, visit https://groups.google.com/d/optout --- You received this message because you are subscribed to the Google Groups "South Sudan Info - The Kob" group. To unsubscribe from this group and stop receiving emails from it, send an email to [email protected]. To post to this group, send email to [email protected]. Visit this group at http://groups.google.com/group/SouthSudanKob. To view this discussion on the web visit https://groups.google.com/d/msgid/SouthSudanKob/CAJb14orxhUOJmQKR7Svr28ZG7qcWOo1BK0wSgHAP3isRWsb2nA%40mail.gmail.com. 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