The Republic of South Sudan joined the International Monetary Fund (IMF) on Wednesday when its Finance and Economic Planning Minister, Kosti Manibe Ngai, signed the IMF’s Articles of Agreement at a ceremony in Washington DC.
An IMF statement made available to PANA in New York on Thursday quoted IMF Managing
Director Christine Lagarde as saying: ”I am happy to welcome the Republic of South Sudan, which today (Wednesday) becomes our 188th member.
”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.”
The statement said South Sudan applied for membership of the IMF in April 2011 and it 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,” it said.
It said the Fund was coordinating with donors and technical assistance providers to support South Sudan through a dedicated trust fund for capacity-building of about US$11 million over the next four years, and to which the European Union plans to come on board as a lead donor.
The statement also said South Sudan’s initial quota in the IMF is SDR 123.0 million
(about US$189.3 million) and with the inclusion of South Sudan, IMF members’ quotas
amount to SDR 238.12 billion (about US$366.53 billion).
PANA learnt that a member’s quota in the IMF determines its capital subscription, its
voting power, its access to IMF financing, and its allocation of SDRs