{"id":1653,"date":"2021-09-14T10:41:36","date_gmt":"2021-09-14T10:41:36","guid":{"rendered":"https:\/\/www.africa-press.net\/south-sudan\/all-news\/south-sudan-gets-usd-334-million-from-imf"},"modified":"2021-09-14T11:33:42","modified_gmt":"2021-09-14T11:33:42","slug":"south-sudan-gets-usd-334-million-from-imf","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/south-sudan\/all-news\/south-sudan-gets-usd-334-million-from-imf","title":{"rendered":"South Sudan gets USD 334 million from IMF"},"content":{"rendered":"

Africa-Press<\/a> – South-Sudan<\/a>. <\/strong><\/span>The International Monetary Fund has granted South Sudan USD 334 million.<\/p>\n

Under its general allocation of Special Drawing Rights (SDR), the International Monetary Fund (IMF)\u2019s board of directors has approved the giving of USD 334 million to South Sudan.<\/p>\n

The allocation, which came into effect on 23 August, has been granted to South Sudan at a time when it is simultaneously implementing necessary economic reforms including monetary and foreign exchange market measures.<\/p>\n

The finance secured from the IMF will address budget support and the economic effects of the Covid-19 pandemic.<\/p>\n

\u201cOur current economic stabilisation efforts have been supported by the significant recovery of oil prices and the two IMF disbursements under the Rapid Credit Facility in November 2020 and March 2021 for combined financing of USD 225 million\u201d explained the Bank of South Sudan in a press release announcing the investment on 25 August.<\/p>\n

Collectively, these efforts have led to positive change by helping South Sudan overcome the effects of Covid-19, help to stabilise the exchange rate, and increasing the government\u2019s ability to reduce salary arrears.<\/p>\n

Governor of Bank of South Sudan, Hon Dier Tong Ngor, said in a statement that the finance secured by the IMF \u201cand the improving oil revenue will substantially boost the country\u2019s foreign exchange reserves\u201d.<\/p>\n

He added: \u201cThe increase in reserves will help build external resilience and sustain the current reforms in the foreign exchange market. Building reserves, in turn, is expected to facilitate price stability and investment flows going forward. It will also improve liquidity and gain enough policy space to battle the pandemic while mounting an inclusive recovery. As such, the allocation will contribute to the sustainability of the current economic and foreign exchange reforms.\u201d<\/p>\n

The governor also noted the \u201ccommitment to transparency, good governance, and accountability in the use and reporting of South Sudan\u2019s SDR allocation\u201d, adding: \u201cContacts with the IMF will continue to discuss the optimal use of the SDR allocation, including building international reserves and supporting our economic reforms and foreign exchange stabilisation.\u201d<\/p>\n

African law firm Centurion Law Group became the first foreign firm to move into South Sudan via an alliance with local outfit Awatkeer Law Chambers in 2017. The alliance was significant as the firms were set to represent government, private and NGO clients and target what Centurion then called the \u201chuge economic potential\u201d of the country.<\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – South-Sudan. The International Monetary Fund has granted South Sudan USD 334 million. Under its general allocation of Special Drawing Rights (SDR), the International Monetary Fund (IMF)\u2019s board of directors has approved the giving of USD 334 million to South Sudan. The allocation, which came into effect on 23 August, has been granted to […]<\/p>\n","protected":false},"author":84,"featured_media":1652,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[234,265,411,556,233],"class_list":["post-1653","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-south-sudan","tag-million","tag-south","tag-south-sudan"],"yoast_head":"\nSouth Sudan gets USD 334 million from IMF - South Sudan<\/title>\n<meta name=\"description\" content=\"The International Monetary Fund has granted South Sudan USD 334 million. 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