IMF delegation concludes South Sudan’s visit with hopeful note
Juba, 28 March, 2022–The International Monetary Fund (IMF) team chief said on Friday at a meeting held at the Ministry of Finance that the IMF were satisfied with spending of its US$225 million grants to the Government of South Sudan.
The IMF Mission Chief for South Sudan, Mr. Niko Hobdari, who concluded a visit to South Sudan to assess how the government had spent the Rapid Credit Facility grants within 15 months, said they were contented with the achievements of the Bank of South Sudan to stabilise the market.
“We are encouraged by the economic reforms in South Sudan since the IMF engaged the Bank of South Sudan closely about one and half years earlier,” he added.
Mr. Hobdari noted that South Sudan has introduced the reforms since March last year, bringing about the market stability. “We will continue to discuss with the Minister of Finance and the Governor of the Bank of South Sudan on how best to sustain those reforms.”
The IMF mission chief stressed the importance of communication between the ministry of finance and the Central Bank.
Minister of Finance and Planning Agak Achuil, said the parliament has passed the budget and that the ministry was working to clear the arrears.
Addressing the press conference held at the Ministry, the governor of South Sudan Central Bank, Hon. Moses Makur Deng, said the Bank would continue to maintain necessary economic reforms. “We will continue to sustain the intervention of the Bank whenever necessary in the foreign exchange market to stabilise the exchange rate, and therefore the value of South Sudan Pound,” he added.
While pledging to cooperate closely with the IMF to guard against challenges, the governor said the Bank would sustain what has been achieved so far.
In his remarks, the First Undersecretary of the Ministry of Finance and Planning, Simon Kimau Ladu, said, “We embrace those reforms through help of the IMF.”
While in Juba, the IMF team met His Excellency, President Salva Kiir Mayardit, His Excellency, First Vice President Riek Machar, the Minister of Finance, Minister of Petroleum, other ministers, the governor of Central Bank, MPs and number of senior officials.
The Central Bank currently auctions five million US dollars weekly to the commercial banks and forex bureaus, with a view to stabilise the market.