South Sudan has canceled celebrations for its fifth anniversary of independence as scores of civilians died in fresh clashes between government and rebel forces. The country is the world’s youngest nation after gaining independence from its northern neighbor Sudan in on July 9, 2011, in a landslide referendum. Since December 2013, however, South Sudan has been riven by a civil war that has killed tens of thousands of people and displaced more than 2 million. South Sudan’s economy is also under severe pressure. The International Monetary Fund (IMF) said in June that the economy shrank by 5.3 percent in 2015 and is expected to register growth of just 0.7 percent in 2016. The South Sudanese pound has depreciated by almost 90 percent since a devaluation in December 2015 and inflation is close to 300 percent. The country is heavily dependent on the oil and gas industry—South Sudan has the third-largest proven reserves in sub-Saharan Africa—but production has dipped as low as 120,000 barrels per day (bpd) during the civil war. By contrast, South Sudan was producing at least 350,000 bpd in 2011, when it seceded from Sudan. The country’s Information Minister Michael Makuei Lueth said on Friday that President Salva… Read full this story
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