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

UN: 1 Million Somalis at Risk of Hunger

Group warns region is in dire need of humanitarian aid, with at least 200,000 children under age of five acutely malnourished as drought hits southern, central part of nation More

Human Rights Groups Allege Supression of Freedoms in Thailand

Thailand’s military, police have suppressed release of independent report assessing human rights in kingdom during first 100 days of latest coup More

Jennifer Lawrence Contacts FBI After Nude Photos Hacked

'Silver Linings Playbook' actress' photos were posted on image-sharing forum 4chan; Federal Bureau of Investigations is looking into matter 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.
Ukraine Schools Resume Classes, Donate to Government Forcesi
X
September 02, 2014 12:58 PM
A new school year has started in Ukraine but thousands of children in the war-torn east are unable to attend because of ongoing clashes with pro-Russia rebels. In Ukraine's capital, patriotic education has become the norm along with donations to support injured security forces fighting to take back rebel-held areas. VOA's Daniel Schearf reports from Kyiv.
Video

Video Ukraine Schools Resume Classes, Donate to Government Forces

A new school year has started in Ukraine but thousands of children in the war-torn east are unable to attend because of ongoing clashes with pro-Russia rebels. In Ukraine's capital, patriotic education has become the norm along with donations to support injured security forces fighting to take back rebel-held areas. VOA's Daniel Schearf reports from Kyiv.
Video

Video US Detainees Want Negotiators for Freedom in North Korea

The three U.S. detainees held in North Korea were permitted to speak with foreign media Monday. The government of Kim Jong Un restricted the topics of the questions, and the interviews in Pyongyang were limited to five minutes. Each of the men asked Washington to send a representative to Pyongyang to secure his release. VOA’s Carolyn Presutti has our story.
Video

Video Internet, Technology Offer New Tools for Journalists

The Internet and rapidly evolving technology is quickly changing how people receive news and how journalists deliver it. There are now more ways to tell a story than ever before. One school in Los Angeles is teaching the next generation of journalists with the help of a state-of-the-art newsroom. Elizabeth Lee has this report.
Video

Video Turkmen From Amerli Describe Survival of IS Siege

Over the past few weeks, hundreds of Shi'ite Turkmen have fled the town of Amerli seeking refuge in the northern city of Kirkuk. Despite recent military gains after U.S. airstrikes that were coordinated with Iraqi and Kurdish forces, the situation remains dire for Amerli’s residents. Sebastian Meyer went to Kirkuk for VOA to speak to those who managed to escape.
Video

Video West Africa Ebola Vaccine Trials Possible by Early 2015

A U.S. health agency is speeding up clinical trials of a possible vaccine against the deadly Ebola virus that so far has killed more than 1,500 people in West Africa. If successful, the next step would be a larger trial in countries where the outbreak is occurring. VOA's Carol Pearson has more.
Video

Video Survivors Commemorate 70th Anniversary of Nazi Liquidation of Jewish Ghetto

When the German Nazi army occupied the Polish city of Lodz in 1939, it marked the beginning of a long nightmare for the Jewish community that once made up one third of the population. Roughly 200,000 people were forced into the Lodz Ghetto. Less than 7,000 survived. As VOA’s Kane Farabaugh reports, some survivors gathered at the Union League Club in Chicago on the 70th anniversary of the liquidation of the Lodz Ghetto to remember those who suffered at the hands of the Nazi regime.
Video

Video Cost to Raise Child in US Continues to Rise

The cost of raising a child in the United States continues to rise. In its latest annual report, the U.S. Department of Agriculture says middle income families with a child born in 2013 can expect to spend more than $240,000 before that child turns 18. And sending that child to college more than doubles that amount. VOA’s Deborah Block visited with a couple with one child in Alexandria, Virginia, to learn if the report reflects their lifestyle.
Video

Video Chaotic Afghan Vote Recount Threatens Nation’s Future

Afghanistan’s troubled presidential election continues to be rocked by turmoil as an audit of the ballots drags on. The U.N. says the recount will not be completed before September 10. Observers say repeated disputes and delays are threatening the orderly transfer of power and could have dangerous consequences. VOA correspondent Meredith Buel reports.

AppleAndroid