The International Monetary Fund (IMF) has approved a $334 million loan for South Sudan, geared towards improving the country’s ailing economy.
The allocation is part of the general allocation of Special Drawing Rapid (equivalent to $650 billion to boost global liquidity) approved by the Fund’s Board of Directors on 2nd August 2021, which became effective on 23rd August 2021. This is the largest SDR allocation in the history of the IMF and will be credited to IMF member countries in proportion to their existing quotas in the Fund.
Central Bank governor Dier Tong said the loan would improve South Sudan’s foreign reserves and help build external resilience and sustain current reforms in the exchange market.
In late March, the International Monetary Fund gave South Sudan government another economic stabilisation loan of $174.2 million to boost the economy.