IMF, World Bank urge South Sudan to make reforms
The International Monetary fund and World Bank say that South Sudan can only access more loans after reforming its institutions, Akol Dok, Managing Partner at Orus joins CNBC Africa for more.
Tue, 17 May 2022 14:27:06 GMT
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AI Generated Summary
- The IMF and World Bank are pushing for fiscal reforms in South Sudan to improve public finance management and access more loans.
- The Ministry of Finance and the Central Bank in South Sudan are receiving technical and financial support to stabilize the South Sudanese pound against the dollar.
- The recent announcement of investments by banks like the Cooperative Bank of Kenya in its South Sudanese subsidiary signals a positive outlook for the country's banking sector and economic growth.
South Sudan is under pressure from both the International Monetary Fund (IMF) and the World Bank to implement crucial reforms in order to access more loans. The country, which has faced years of conflicts that have hindered its institutions, is now being asked to focus on fiscal reforms to improve public finance management. With the support of the IMF and World Bank, the Ministry of Finance and the Central Bank in South Sudan are working towards stabilizing the South Sudanese pound against the dollar. This effort aims to reduce inflation and create a more stable economic environment. The central bank's recent decision to auction dollars to private banks is part of this strategy to align market rates and bank rates, making it easier for the public to access foreign currency. Despite these positive changes, South Sudan still faces challenges due to rising global food prices and logistical issues that affect imports. However, recent investments by banks like the Cooperative Bank of Kenya in its South Sudanese subsidiary show a promising future for the country's banking sector. Overall, South Sudan is at a critical juncture where economic reforms are necessary to spur growth and development.
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