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Minister of Finance pledges to continue with reforms amid IMF’s satisfaction on progress

Minister of Finance pledges to continue with reforms amid IMF’s satisfaction on progress

By Majok Nikodemo

Juba, August 2022: Minister of Finance and Planning, Hon. Dier Tong Ngor, said South Sudan would continue with the reform agenda. Dier was speaking during a virtual meeting with the IMF staff, held at the board room at the Central Bank last week.

While expressing his satisfaction to work again with the IMF, the minister pledged to provide the IMF with documents it needs. He underscored that the ministry and Bank of South Sudan (BoSS) would sign MoU to resume the Cash Management Committee activities.

In a statement, Tong said, “As a new Minister of Finance, I’m please to re-engage with the IMF.” He added that he would work in tandem with the Central Bank to address the volatility of exchange rate, with a view to stabilize the market, stop deficit finance and overdraft as well.

The minister pledged to resume negotiations with the IMF to access resources, as well as strengthen ties with world’s monetary body.

On his part, the Acting Gov. Hon. Johnny Ohisa Damian, said the Central Bank is ready to work with the IMF as before, noting that the current exchange rate volatility is due to certain domestic policies.

The IMF Mission Chief for South Sudan, Mr. Niko Hobdari, said 60% of the population need help. He appreciated the current reforms being undertaken by South Sudan but acknowledged the IMF board of experts expects more efforts in this respect.

Hobdari noted that there is a spending gap regarding the oil revenues, adding that the reports should be published on the website so that public realise what is going on in the Bank.

He noted that the Ministry of Finance and the Bank should activate the cash management committee activities.

Senior Advisor to Executive Director at International Monetary Fund, James Alic, said that South Sudan made some progress though there were things to carry forward. He noted that the IMF Board of Directors expects a lot from BoSS, which has done a lot so far.

Director General for Admin and Finance, Samuel Mikaya, said the audit report has delayed and would be shared with the IMF once completed hopefully by mid of September.

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