The
Republic of South Sudan joined the International Monetary Fund (IMF) on
Thursday when its Finance and Economic Planning Minister Kosti Manibe Ngai
signed the IMF’s Articles of Agreement at a ceremony in Washington DC. “I am
happy to welcome the Republic of South Sudan, which today becomes our 188th member,”
IMF Managing Director Christine Lagarde said. “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. South Sudan applied for membership of the IMF in April 2011.
The Republic of South Sudan became an independent country in July 2011, and the
IMF Board of Governors subsequently offered it IMF membership. Since then, the
Fund has been stepping up the provision of technical assistance and training
and engaging in a policy dialogue with the authorities in the areas of tax and
customs administration, public financial management, oil revenue management,
exchange rate policy, central banking, and macroeconomic statistics.
The Fund is coordinating with donors and technical assistance providers to
support South Sudan through a dedicated trust fund for capacity-building of
about $11 million over the next four years, and to which the European Union
plans to come on board as a lead donor.
South Sudan’s initial quota in the IMF is SDR 123.0 million (about $189.3
million). With the inclusion of South Sudan, IMF members’ quotas amount to SDR
238.12 billion (about $366.53 billion).
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