São Paulo – This Wednesday (19th), the International Monetary Fund (IMF) has announced that the European Union has committed to donating 3 million euros to a fund launched by the IMF to help South Sudan establish macroeconomic institutions which are deemed key. That entails developing related policies and providing training to personnel.
The IMF and the European Commission, the executive branch of the EU, have signed an agreement this Wednesday concerning the donation, in Brussels, Belgium. An IMF press statement informs that the United Kingdom and Norway have pledged to donate to the program, and discussions are underway with other potential donors.
“Strengthening South Sudan’s capacity will need not only intensive investment, but importantly effective cooperation between donors and technical assistance providers,” said the IMF deputy managing director Nemat Shafik, according to the press statement.
“The European Union has made it a priority to help the South Sudanese Government to respond to the country’s multiple economic and development challenges,” added the European Commission representative Francesca Mosca.
South Sudan became an independent republic in July last year, after the division of the former Sudan was voted for in a referendum. The new country became the 188th IMF member state in April 2012.
The institution intends to raise and invest US$ 10.3 million in technical training in the coming three years.
*Translated by Gabriel Pomerancblum
