South Sudan to Regulate Oil Revenue Spending, Passes Petroleum BIll

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Written by Makula Dunbar

From Reuters

South Sudan’s parliament has passed a long-awaited petroleum bill after years of consultation and waits for final approval by President Salva Kiir, a senior lawmaker said on Monday.

Officials hope the bill, which regulates for the first time how the government can spend oil revenues, will make the African producer more attractive for foreign investment by improving transparency.

South Sudan has struggled to build up state institutions and establish the rule of law since winning independence from Sudan in 2011 after decades of civil war.

The Petroleum Revenue Management Bill was approved in final reading late in July and is now waiting for Kiir’s approval, Henry Odwar, head of the petroleum and mining committee, told Reuters.

Read more at reuters.com