South Sudan pushes for share in $120 billion IDA package
August 6, 2024 (JUBA)- South Sudan is among African countries pushing for a replenishment of $ 120 billion from the International Development Association (IDA), presenting an opportunity to mitigate the high inflation rate exacerbated by the low availability of essential consumer goods in the local markets
The Central Bank of South Sudan, in a statement released on Tuesday, commended the role of the leadership and technical support of the International Monetary Fund (IMF) and World Bank Group in sharing its mission and vision.
It further said the IMF has been working to keep the system stable and the World Bank focusing on offering financial assistance to low and middle income nations.
“We thank our international monetary fund and World Bank group executive directors. You are a critical part of the team and we all benefit from your daily contributions. It has been incredible sharing our mission with you and we all look forward to you strongly advocating and defending the outcome of this 2024 African caucus meeting in the circles of the IMF and the WBG to turn them into resolutions testament to your tireless efforts in preparing the draft memorandum of understanding, which we look to presenting the heads of Bretton woods institutions in October 2024 during our annual meetings in Washington, DC”, James Alic Garang, governor of the central bank of South Sudan explained.
He was speaking on behalf of all the African governors and the ministers of Finance who attended the 2024 African caucus meeting held in Abuja, Nigeria.
Garang also acknowledged and thanked the technical team of the IMF and World Bank Group, describing them as the unsung group who played an important role in the organization of the event.
African leaders, Central Banks governors and Finance ministers graced the event.
The three-day meeting held under the theme, “Facilitating Intra-African Trade: Catalyst for Sustainable Development in Africa” identified major drivers for growth and development across the continent, with trade to stimulate economic growth by creating opportunities for increased production, investment and job creation.
The caucus, a communique noted, urged the IMF and World Bank Group to ensure that their support to member countries continue to be guided by principles of balance and evenhandedness, and consistent with their own policies.
Established in 1960, IDA is part of the World Bank that helps low-income countries. Funded with contributions from member countries, the IDA complements the World Bank’s original lending arm, the International Bank for Reconstruction and Development (IBRD). IDA’s grants and low-interest loans help countries invest in their futures, improve lives, create safer and more prosperous communities.
(ST)