South Sudan Sovereign Debt Market Overview – 2025 Edition
South Sudan Sovereign Debt Market Overview – 2025 Edition
Published by Impala Market
📌 Executive Snapshot
Total Public Debt: SSP 1.45 trillion (~USD 1.2 billion)
Debt-to-GDP Ratio: ~40–45%
Debt Composition: >90% external, <10% domestic
Outlook: South Sudan’s debt market remains nascent and highly dependent on external concessional financing. Institutional reforms and oil-backed borrowing characterize the current sovereign debt landscape.
🔍 1. Debt Market Structure
1.1 Total Public Debt Profile
External Debt: SSP 1.32 trillion
Domestic Debt: SSP 130 billion
Debt Service-to-Revenue Ratio: ~35–45%
Source: Ministry of Finance and Planning – South Sudan (where available), IMF country reports
1.2 Legal & Institutional Framework
Debt managed by the Ministry of Finance and Planning
Central Bank of South Sudan (BoSS) involved in monetary policy and fiscal reporting
Debt management guided by provisional legislation under the Public Finance Management and Accountability Act (PFMAA)
🏦 2. Domestic Debt Instruments
Instrument Currency Maturity Frequency Notes Treasury Bills SSP 91, 182 days Occasional Issued through auctions Treasury Bonds SSP 1–3 years Rare Ad hoc, limited investor base
Domestic market mostly supported by state-owned banks and BoSS
Private participation and secondary trading are virtually absent
🌍 3. External Sovereign Debt
Multilateral: IMF, World Bank (IDA), AfDB
Bilateral: China, Qatar, regional lenders
Oil-backed loans: Significant portion of external liabilities
External debt is largely concessional but opaque
👥 4. Investor Base
Domestic:
Public commercial banks
Central Bank of South Sudan
No institutional investor base (e.g., pension funds) due to underdeveloped financial sector
Foreign:
Bilateral and multilateral creditors dominate
No foreign investor participation in domestic market
🔁 5. Secondary and OTC Market
No formal bond market or trading infrastructure
Debt held to maturity by BoSS and banks
Pricing and yield data are not published regularly
📊 6. Recent Trends
Treasury Bills occasionally used for short-term liquidity management
IMF Extended Credit Facility (ECF) supports macroeconomic stabilization
Efforts ongoing to improve debt recording and public financial management
Inflation and FX volatility remain key macro constraints
⚠️ 7. Risk Assessment
Sustainability: High risk of debt distress (IMF DSA 2023)
FX Risk: High – with oil revenues in USD but local obligations in SSP
Liquidity Risk: Severe due to shallow banking sector
✅ 8. Opportunities & Reforms
Strengthen debt transparency and regular publication of statistics
Build foundational legislation for domestic market development
Explore diaspora bonds or regional bond market access in the long term
Digitize budget and debt reporting to improve investor confidence
📎 9. Annexes
Credit Ratings: Not rated by Moody’s, S&P, or Fitch
📬 For Investors & Researchers
South Sudan presents a fragile but strategically important debt context in East Africa. While market entry is premature for most investors, reforms supported by international institutions may gradually open avenues for engagement in the coming years.
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📩 Contact: impala@marketresearch.africa