São Paulo – On Wednesday (18), South Sudan became the 188th member of the International Monetary Fund (IMF). From now on, the world’s newest country, having become independent from Sudan in July 2011, will have access to loans and receive advisory from technicians at the organisation to establish the bases for its economy and manage resources.
In a press statement disclosed by the Fund, the managing director at the institution, Christine Lagarde stated she is pleased to have the country as a new member, but added that "South Sudan faces enormous challenges, and the IMF will do its best to assist the country in setting up the foundations for economic stability and growth in the period ahead,” Lagarde underscored.
Starting now, the IMF will offer technical assistance and training to economic authorities in South Sudan, and will meet with employees who manage public funds, tax collecting, the exchange policy, administration of oil reserves, elaboration of statistics and establishment of the Central Bank.
Furthermore, the country should receive US$ 11 million from other member countries of the IMF. Most of the donations should come from Europe. The initial loan facility granted to South Sudan is US$ 189.3 million.
*Translated by Mark Ament
