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World Bank Country Director Pledges Support for Financial Reforms in South Sudan 

World Bank Country Director Pledges Support for Financial Reforms in South Sudan 

Juba, South Sudan – February 5, 2024 – Mr. Osman Dione, World Bank Country Director for Eastern and Southern Africa, paid a courtesy visit to the Bank of South Sudan today, Monday.  

He was met by the Governor, Bank of South Sudan, Hon. Dr. James Alic Garang, and Minister of Finance, Hon. Dr. Barnaba Baak Chol. 

They focused on crucial issues related to South Sudan’s financial sector, including the need to strengthen financial inclusion, operationalize payment systems, support the Financial Intelligence Unit (FIU), and upgrade capacity building. 

Broadly, Mr. Dione expressed his appreciation for the steps already taken by the Bank of South Sudan towards financial reforms and encouraged continued progress. He affirmed the World Bank’s commitment to working closely with various stakeholders and providing support where warranted. To this end, he emphasized that  

“The World Bank recognizes the importance of a robust and inclusive financial sector for South Sudan’s economic development. .“.  

“We are committed to supporting the government’s efforts to improve financial inclusion, modernize payment systems, strengthen the FIU, and build capacity within the financial sector.” 

The Governor, in turn, welcomed the World Bank’s support and highlighted key areas where assistance is needed.  

“We are grateful for the World Bank’s partnership,” the Governor said. “We require support in gearing up our national payment systems, expanding financial inclusion across the country, and investing in capacity building for our financial institutions.” 

In the end, discussion focused on specific initiatives and potential areas of collaboration between the World Bank and the Bank of South Sudan. These may include: 

  • Technical assistance for developing and implementing financial inclusion strategies. 
  • Support for modernizing payment systems and infrastructure. 
  • Capacity building programs for financial sector professionals. 
  • Strengthening the FIU’s effectiveness in combating financial crime. 
  • Improving coordination between the country and development partners, with an emphasis placed on what the Bank can do to leverage its intervening powers.  

In closing, this courtesy visit signifies a renewed commitment from the World Bank to supporting South Sudan’s financial sector development. Therefore, the collaborative efforts between the Bank of South Sudan and the World Bank hold promise for positive advancements in financial inclusion, payment systems, and overall economic growth in the country. 

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