South Sudan prepares for IMF, World Bank meetings – One Citizen Daily Newspaper

By William Madouk

U.S. Ambassador to South Sudan, Michael J. Adler, and Central Bank governor, Dr. James Alic, on Tuesday evaluated ongoing financial reforms ahead of upcoming International Monetary Fund (IMF) and the World Bank meetings.

This meeting followed a courtesy visit by the U.S. envoy to the headquarters of the Bank of South Sudan (BoSS).

According to a statement from the BoSS, the discussion focused on enhancing the country’s financial transparency and resource management.

“Both leaders underscored the vital role of transparency in building a stronger financial system,” the statement noted.

Dr. Alic expressed optimism about ‘the continued U.S. support to stabilize the nation’s economy.’

In his part, U.S Ambassador Adler reaffirmed the U.S. commitment to supporting South Sudan in its reform journey.

The IMF and World Bank meeting 2024, will take place from Monday, October 21 to Saturday, October 26, with the main ministerial meetings and events taking place between October 22-25.

The meetings draw together central bankers, finance ministers, partners, civil society to discuss issues of global concern of global financial stability, poverty purge, economic growth, and job creation just to mention but a few.

In January 2022, the United States, Norway, and Britain welcomed the agreement that touched on the Bank of South Sudan.

However, they also stressed the urgent need to fully implement the public financial management reforms to prevent South Sudan from sliding back into a devastating economic crisis.

The Troika lauded South Sudan for achieving important progress in the last year and a half on public financial management reforms, including prudent monetary policy, successful foreign exchange reform, and steps towards sounder public cash management.

They said South Sudanese already benefited from a more stable exchange rate and lower inflation, urging the government and those now charged with leading economic recovery to continue with the reforms, in line with R-ARCSS and South Sudan’s commitment under the IMF Staff Monitored Program.

Furthermore, the Troika called on the government to publish information on any debt Sudan might owe South Sudan from the oil it receives in-kind each day on the Ministry of Finance and Planning’s website regularly and without delay, including any outstanding balance owed to Sudan on the Transitional Financing Arrangement.

“The Troika anticipates a full and complete audit of the second tranche of the IMF RCF loan, as well as further progress on anti-money laundering reforms as per the FATF Action Plan,’’ they stated.

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