A top commander in South Sudan's People's Liberation Army managed to embezzle and launder millions from the world's youngest state with the help of a U.S. dollar-denominated account, a global advocacy group claimed in a report Wednesday.
For nearly 20 years, U.S. sanctions have stymied Sudan's economic growth while doing little to stop savvy bankers from doing business in the country, according to Bader Eldin Mahmmoud Abbas Mukhtar, the country's minister of finance and national economy.
The U.S. Treasury Department Thursday will lift economic restrictions against Sudan that have hampered the growth of the Republic of South Sudan's oil sector and the role of banks in the region.
Eager to lure new foreign investments, the world's newest nation still faces an uphill battle against the economic sanctions it technically freed itself from in July, say analysts.
Any changes to U.S. economic sanctions policies on Sudan and Myanmar will be slow moving, if they occur at all, despite recent diplomatic overtures and speculation, say analysts.
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