News / Africa

South Sudan Could be Africa Powerhouse: ex-IMF head

Former International Monetary Fund chief Dominique Strauss-Kahn (File)Former International Monetary Fund chief Dominique Strauss-Kahn (File)
x
Former International Monetary Fund chief Dominique Strauss-Kahn (File)
Former International Monetary Fund chief Dominique Strauss-Kahn (File)
Charlton Doki
South Sudan has the potential to become an economic powerhouse in Africa if the government pursues the right policies, former International Monetary Fund chief, Dominique Straus Kahn, said Tuesday during a visit to the world's newest nation.

“I do believe that there is a lot to do here," Strauss-Kahn said.

"The country has a lot of natural resources and so the possibility for this country to become one of the strong countries among African countries is for me... a challenge that is possible to win.”

Strauss-Kahn was in Juba to inaugurate a new bank, the National Credit Bank, nearly two years after he resigned from the IMF amid a widely publicized sex scandal that ended his IMF and political career.

Gaining independence at a time of global economic crisis, as South Sudan did, is not easy, Strauss-Kahn said, but he insisted that. with right economic policies, the country will prosper.

The "right economic policies" were, he implied, allowing free market forces to work.

"The temptation to go through a state-owned company and for having the  state putting its fingers everywhere is something which is very difficult to face,” he said.

Despite being endowed with abundant natural resources, South Sudan remains one of the poorest countries on the African continent with around four million of the population of 10 million still living in poverty, the National Bureau of Statistics says.

Strauss-Kahn said that for South Sudan to realize its economic potential, the country needs to attract foreign direct investment and develop the South Sudanese "brand."

"Many people just don’t know that you have here your own republic, which is only about two years old," he said.

"So... just explaining to the rest of the world that you have here about 10 million people with a lot of resources and that you want to develop and that there are a lot of opportunities for business is something that has to be done.”

He also warned against an over-reliance on oil for revenues, as is currently the case in South Sudan.

"When 95 percent or 98 percent of your resources comes from oil, it is very difficult to say that you are going to diversify rapidly," Strauss-Kahn said.

"Nevertheless, it has to be done, especially in the direction of agriculture because the problem of food security is certainly a problem here."

The Governor of South Sudan’s Central Bank, Kornelyo Koriom, said South Sudan is doing everything it can to improve the investment climate in the country to attract business.

Strauss-Kahn, a one-time French presidential hopeful and former head of the IMF resigned from his post after a hotel maid in New York accused him of sexual assault in May 2011.

US prosecutors eventually dropped criminal charges against Strauss-Kahn, saying Nafissatou Diallo, the maid, was not a credible witness.

You May Like

Obama: I Will Do 'Everything I Can' to Close Guantanamo

US president says prison continues 'to inspire jihadists and extremists around the world' More

Sierra Leone Educates on Safe Ebola Burials

Also, country is improving at rapid response to isolated outbreaks, but health workers need to be even faster, officials say More

Religion Aside, Christmas Gains Popularity in Communist Vietnam

Increasingly wealthy Vietnamese embrace holiday due to its non-religious glamor, commercial appeal More

This forum has been closed.
Comments
     
There are no comments in this forum. Be first and add one

Featured Videos

Your JavaScript is turned off or you have an old version of Adobe's Flash Player. Get the latest Flash player.
US Decision on Cuba Underscores Divisions Among Miami Cubansi
X
Sharon Behn
December 19, 2014 9:34 PM
For decades, older, more conservative Cubans have been gathering at Café Versailles on the corner of Calle Ocho to eat Cuban food and talk politics. After hearing of President Barack Obama’s decision, a number of them gathered in front of the café with posters to protest. VOA's Sharon Behn reports on the situation.
Video

Video US Decision on Cuba Underscores Divisions Among Miami Cubans

For decades, older, more conservative Cubans have been gathering at Café Versailles on the corner of Calle Ocho to eat Cuban food and talk politics. After hearing of President Barack Obama’s decision, a number of them gathered in front of the café with posters to protest. VOA's Sharon Behn reports on the situation.
Video

Video Three Cities Bid for Future Obama Presidential Library

President Barack Obama still has two years left in his term in office, but the effort to establish his post-presidential library is already underway. The bid for the Obama Presidential Library is down to four locations in three states -- New York, Hawaii, and Illinois. As VOA’s Kane Farabaugh reports, each of them played an important part in the president’s life before he reached the White House.
Video

Video Cuba Deal is Major Victory for Pope’s Diplomatic Initiatives

Pope Francis played a key role in brokering the US-Cuba deal that was made public earlier this week. It is the most stunning success so far in a series of peacemaking efforts by the pontiff. VOA religion reporter Jerome Socolovsky has more.
Video

Video Fears of More Political Gridlock in 2015

2014 proved to be a difficult year politically for President Barack Obama and a very good year for the U.S. Republican Party. Republican gains in the November midterm elections gave them control of the Senate and House of Representatives for the next two years -- setting the stage for more confrontation and gridlock in the final two years of the Obama presidency. VOA National Correspondent Jim Malone has a preview from Washington.
Video

Video Sudan School Becomes Target of Aerial Attacks

The school dropout rate is at an all-time high in Sudan's South Kordofan state because many schools have been destroyed during the three-year civil war between the government and SPLA-N rebel forces. Adam Bailes visited Sudan's Nuba Mountains' region and reports many children are simply too scared to go to school
Video

Video VOA Reporter Tours Devastated Peshawar School

Islamist militants wearing military uniforms and strapped with explosives attacked a military run school Tuesday in the northwestern Pakistani city of Peshawar. At least 141 people were killed in the horrific attack, most of them young students. VOA reporter Ayaz Gul visited the devastated school and attended the funeral of the principal who courageously tried to save her students from the deadly attack.
Video

Video Nigerians Fleeing Boko Haram Languish in Camp Near Capital

In its five-year effort to impose Islamic law in northeastern Nigeria, the Boko Haram extremist group has killed thousands of people and forced hundreds of thousands to flee. Some of those who ran for their lives now live in squalor on the edges of the capital, Abuja. Chris Stein reports for VOA.
Video

Video Aceh Rebuilt Decade After Tsunami, But Scars Remain

On December 26, 2004 there was an earthquake in the Indian Ocean so powerful it caused the Earth’s axis to wobble a few centimeters. Onshore on the island of Sumatra, the resulting tsunami was devastating. A decade later, VOA Correspondent Steve Herman reports from Banda Aceh, Indonesia, where although there is little remaining evidence of the physical devastation, the psychological scars among survivors remain.

All About America

AppleAndroid