South Sudan quadrupled revenue collection as austerity measures introduced after the government shut down oil production forced the state to find alternative sources of income, Deputy Finance Minister Marial Awou Yol said.
The International Monetary Fund urged Sudan to divert more than $3 billion in compensation it’s set to receive from South Sudan to back reforms that will provide the government with more reliable revenue streams.
South Sudan, which is resuming oil output halted 14 months ago, may take as long as a year to reach pre-shutdown production levels because of possible damage to equipment, said analysts including Paul Tossetti at PFC Energy.
The United Nations Security Council warned Sudan and South Sudan to halt fighting and settle their differences on splitting revenue from South Sudan’s oil reserves within three months or face possible sanctions.
South Sudan said the operators of a pipeline that carries its oil exports to Port Sudan have warned the facility may be closed in two days unless a blockade being imposed by neighboring Sudan on its shipments is lifted.
Sudanese lawmakers accepted “with reservations” a United Nations Security Council resolution that calls for Sudan and South Sudan to end hostilities, said Ahmed Ibrahim al-Tahir, the head of parliament.