Central Bank Says IMF Impressed by South Sudan’s GDP Growth

By Okech Francis

Despite economic shocks which hit South Sudan in the few past years, its recovery has been impressive as per the International Monetary Funds, the Central Bank Governor, James Alic Garang said.

The monetary fund was in the country in March to take an assessment of South Sudan which has been a recipient of assistances from it.

According to Garang, the IMF in that “second and a third review” of the programs done with their funding “was successfully concluded because they concluded that our debt as the percent of GDP was within what was agreeable and that also our policies were consistent with what we have agreed with.”

“Although we came out of the COVID, our growth rate nosedived but then we started to come up so we were assessed to be healthy,” he said while speaking to reporters in Juba yesterday.

Currently South Sudan is seeking more funding to shore up the economy which continues to face challenges. The funding it received after the Covid-19 subsided were used to meet obligations such as health care and other services and even salaries, Garang said.

Welcoming a recent order by President Salva Kiir on the independence of the Central Bank, Garang said the move will ensure accountability to the public and the delegating authority, helps create greater transparency and of cause make the Central Bank appropriately exercise its independence for the betterment of South Sudan.

“The bank will continue to work closely will all government agencies and other stakeholders to strengthen cooperation, promote economic growth, financial inclusion and sustainable development,” he said.

Adding, he said, “whether it is the IMF any other international financial institution they are always happy when the Central Bank can make decision on its own….and as a bank our relationship with the international financial institution continue to grow stronger and we still have room to go on”.