Jubilation greeted the peace accord in Nairobi
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Sudanese President Omar al-Bashir has said the peace deal his government signed with rebels on Sunday will usher in new prosperity for the country.
"Peace is indeed going to bring our country abundance," he said in the Kenyan capital, Nairobi.
Rebel leader John Garang told a cheering crowd that the peace deal would change Sudan "forever".
Mr Bashir also promised to bring an end to the crisis in Darfur and Mr Garang said he hoped to play a role, too.
"We are going to work together with our peace partners... to ensure peace prevails in every part of the country," said the Sudanese president.
United Nations Secretary General Kofi Annan has warned of worsening violence in Darfur, where government-backed militia are accused of killing thousands as part of a campaign against rebels demanding more rights.
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FINAL PEACE DEAL
Army Both sides will unify into 39,000-strong force if the south does not secede after six years
Autonomy The south will have autonomy for six years followed by referendum for secession
Oil wealth To be shared 50:50
Jobs To be split 70:30 in favour of the government in the central administration To be split 55:45 in favour of the government in Abyei, Blue Nile State and the Nuba mountains
Islamic law To remain in the north Sharia in Khartoum to be decided by elected assembly
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The peace deal ceremony in Nairobi had been witnessed by a number of foreign dignitaries, including US Secretary of State Colin Powell.
The peace deal would "close a dark chapter in the history of Sudan" if its promises were kept, said Mr Powell.
Mr Garang, who commands the Sudan People's Liberation Army (SPLA), said after signing that he hoped to get involved in peace talks on Darfur after joining the planned national unity government as a vice-president.
The Kenyan government was so delighted by the success of the long, tough negotiations that it threw the event open to ordinary people.
Thousands attended, and the deal was marked by singing, dancing and cheering by exiled Sudanese.
Starting in July, the south will be autonomous for six years and will then vote in a referendum to decide whether to remain part of Sudan, or become independent.
Sudan's new oil wealth - currently producing about 320,000 barrels a day - is to be split equally between north and south.
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Refugees speak out over Sudanese peace deal

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Apart from an 11-year period from 1972-1983, southern Sudan has been at war continuously since 1956. Peace talks began in 2002.
In 1983, the government - dominated by northern Arabs - tried to impose Islamic Sharia law across Sudan, even in areas where the majority is not Muslim.
The peace deal signed in Nairobi follows the signing of a permanent cease-fire on New Year's Eve.