South Sudan may soon benefit from IMF credit facility
April 6, 2012 (JUBA) – The International Monetary Fund (IMF) has earmarked South Sudan as one of the countries set to benefit from its rapid credit facility, an initiative extended to countries recovering from war and external shocks.
The young nation, according to the institution’s South Sudan representative, could benefit from up to 25% of its quota; a subscription fee, each country pays when joining IMF.
“I will not be able to share with you much about this because the program is still under discussion and awaiting approval from our board,” Joseph Karangwa told reporters in the South Sudan capital, Juba.
“The amount is not yet determined, but usually the country does not exceed more than 25% of its quota,” he added Friday.
South Sudan, IMF said, paid about $185m as its quota, implying that its rapid credit facility is about $47m. The credit, paid over a 15-year period, is usually interest free.
The new nation became IMF’s 188th member in April last year, making it eligible for all services the institution offer, including capacity building assistance.
In October 2012, at least 13 staff drawn from the country’s Finance ministry and the National Bureau of Statistics benefited a macroeconomic policy formulation and analysis course, organized in by IMF in Nairobi, Kenya.
(ST).