São Paulo – This Friday (16th), the managing director of the International Monetary Fund (IMF), Christine Lagarde, said South Sudan has “great potential” to realize the dreams and aspirations of its people, however it is faced with “formidable challenges.” After meeting with the country’s president, Salva Kiir, in Washington, Lagarde said the nation, which has become independent in July this year, after separating from Sudan, will receive aid from the Fund in order to establish its institutions.
““South Sudan faces formidable challenges, including ensuring economic stability, building institutions to support sustained growth and managing oil revenue wisely,” she said. The fund’s managing director said she is encouraged by the measures the country has adopted lately in managing its central bank and public finance.
South Sudan is not yet a member of the Fund, which it should formally become in early 2012. Still, the IMF maintains partnerships with the government to train public servants in tax and customs administration, public financial management, oil revenue and foreign reserves management, central banking and financial supervision, as well as macroeconomic statistics. IMF technicians should provide support to South Sudan over the next three years in statistics as well.
*Translated by Gabriel Pomerancblum
