Connect with us

Hi, what are you looking for?


IMF releases $174.2 mln to South Sudan for urgent balance of payments needs 

The International Monetary Fund said on Wednesday it had released $174.2 million to South Sudan under its Rapid Credit Facility to address urgent balance of payments needs, after floods and an oil price shock hurt economic performance.

In 2018, South Sudan ended five years of civil war that killed an estimated 400,000 people, but President Salva Kiir and Vice President Riek Machar’s disagreements kept the peace process from being fully finalized. They repeatedly pushed back deadlines to form a government of national unity, but in 2020 finally did so.

“The pandemic-related oil price shock and devastating floods have led to an economic downturn. The … downturn widened the fiscal and the balance of payments deficits, opening large financing gaps in the absence of concessional financing,” the IMF said in a statement late on Tuesday.

It expected the economy would contract 4.2 percent in the 2020/21 (July-June) fiscal year, it added. The forecast is deeper than a 3.6 percent contraction the fund forecast in November.

Next articles

Ten people killed in plane crash in South Sudan: Governor

Sudan’s interim government and main rebel group restart peace talks

US vice president Harris congratulates Tanzania’s first woman president Hassan



You May Also Like


Germany’s vaccine commission, known as STIKO, recommended on Thursday that people under 60-years old who have had a first shot of AstraZeneca’s COVID-19 vaccine...


Officials from Iran, China, Russia, France, Germany and UK will meet virtually on Friday to discuss a possible return of the US to the...

Life Style

An uncrewed SpaceX Starship prototype rocket failed to land safely on Tuesday after a test launch from Boca Chica, Texas, and engineers were investigating,...


United Arab Emirates power producer Abu Dhabi National Energy Co. (TAQA) announced on Wednesday plans to increase its renewable energyassets, in a shift away...