SOUTHERN SUDAN PARLIAMENT BLOCKS NILE COMMERCIAL BAIL OUT

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Legislators at the Southern Sudan Legislative Assembly rejected a call made by GoSS Finance Minister seeking parliamentary approval for a financial rescue package to the Nile Commercial Bank which has been struggling to keep itself afloat while clients fail to pay bad loans.

The house voted againts a twenty five million Sudanese pound bailout package arguing that the lost funds should have been recovered by the Bank and not from the government, Sudan Tribune website reported.

Jimmy Wongo, acting Speaker of the legislative Assembly, who chaired the session, said there are no basis why the money should be chopped off the government budget already allocated to ministries and service commissions.

Nile Commercial Bank is the first financial institution to be established in Southern Sudan.

The head office was established in Yambio in 2003. It was officially moved to Juba in December 2005 after the signing of the Comprehensive Peace Agreement after a short period in Rumbek.