South Sudan assured of IMF help

Published Jul 26, 2011

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Washington - The International Monetary Fund said on Monday that it would provide economic and financial assistance and training to South Sudan, at the request of the new, independent African country.

“The IMF executive board approved the authorities' request for technical assistance and training,” the Washington-based global lender said.

As part of that engagement, the IMF said it would station a Fund staff member in South Sudan as a resident adviser.

South Sudan, which seceded from Sudan and officially declared independence on July 9, has already applied for IMF membership, and is awaiting the Fund's answer.

The 187-nation IMF said it would provide support in the areas of macro-economic, fiscal, monetary and financial policies, and related statistical fields.

“The IMF will also be providing assistance in view of strengthening the legal and administrative framework in these core areas and in relation to South Sudan’s application for Fund membership,” it said.

After five decades of devastating conflict with the north, the fledgling country is one of the world's poorest and faces a raft of daunting challenges as it begins the task of nation-building.

Negotiations between north and south on key outstanding issues, which were suspended shortly before South Sudan's formal declaration of independence, are due to resume soon, chief southern negotiator Pagan Amum told reporters in Juba on Monday.

Since then each side has taken unilateral steps on oil and currency, both highly sensitive issues for the two cash-strapped governments. - Sapa-AFP

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