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South Sudan now eligible for interest-free IMF loans

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August 28, 2012 (JUBA) - The Executive Board of the International Monetary Fund (IMF) has included South Sudan in a list of 72 low-income countries now eligible for concessional lending.

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The IMF’s decision to include South Sudan was taken on 9 August after the latter became the 188th member in April.

The move, IMF said in a statement, now implies that South Sudan will benefit from the Poverty Reduction and Growth Trust’s (PRGT) interest-free loans.

Eligibility for PRGT lending is based on a member country’s annual per capita income and ability to access international financial markets.

“Adding South Sudan to the list of PRGT-eligible countries allows the authorities to request concessional financing from the IMF in support of their economic program,” partly reads the institution’s statement, adding that such requests are subject to separate decisions by its Executive Board.

While meeting South Sudan president, Salva Kiir, in December 2011, the IMF’s managing director, Christine Lagarde, acknowledged the formidable challenges the new nation faces, citing economic instability, weak institutions and oil revenue disputes with Khartoum.

Lagarde, assured Kiir that the IMF will assist South Sudan in meeting its challenges, through frequent policy dialogue and technical assistance.

The IMF has, since 2011, been providing technical assistance, training, and policy advice to South Sudanese authorities, in addition to engagement in areas of expertise, such as monetary and fiscal policies, exchange rate policy and operations, tax and customs administration, public financial management, central banking, and macroeconomic statistics.

The IMF is reportedly coordinating with key donors on a capacity-building program to support South Sudan through a US$10 million trust fund over the next three years.

(ST)

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  • 29 August 2012 06:34, by Madina Tonj

    The GOSS must be careful about IMF policy, they might put you in to debt since they know your coutry is rich in many thing is real a big problem. Ask many others world and be able to get the fact about them before let being fool by them
    Thank for your advice

    repondre message

    • 29 August 2012 07:06, by Chol

      South Sudan eligible for interest free loans; said IMF! No surprise there; The IMF knows how valuable South Sudan is; that’s why the IMF is putting its money where its mouth is! That has to be a bad news for Khartoum; if you identify or know what I mean!

      repondre message

    • 29 August 2012 07:43, by Paul Chadrack

      our Parliament must pass very strong laws to protect the incoming fund from greedy guys of Bhar el Gazale otherwish all of those money will go to their pockets. God save our country from this barbaric corrupt Kiir’s relatives.

      repondre message

      • 29 August 2012 17:20, by Dhong Bang Aweil

        Drea brothers in souht Sudan, your commens are always good but let me advices you to avoid one thing.
        When you commen, please don’t insult the tribe you just commen on what you want to commen on but not the whole tribe

        repondre message

      • 29 August 2012 17:40, by Dhong Bang Aweil

        Dear brothers in souht Sudan, your commens are always good but let me advices you to avoid one thing.
        When you commen, please don’t insult the tribe you just commen on what you want to commen on but not the whole tribe
        To Reply You mr. Paul Chadrack,
        You are dying of greedness, there is nothing that the relatives of Kiir/Bhar el Ghazalian are eating. They are the most heartbroken people.

        repondre message

    • 29 August 2012 08:48, by Mading Makuac

      The government is to be keen on money from this Loan agency
      called IMF .IMF is eyeing something bigger than this loan
      otherwise you have to look at the other side of coin
      before you take an action!!!!

      repondre message

  • 29 August 2012 06:35, by Madina Tonj

    The GOSS must be careful about IMF policy, they might put you in to debt since they know your coutry is rich in many thing is real a big problem. Ask many others world and be able to get the fact about them before let being fool by them
    Thank for your advice

    repondre message

  • 29 August 2012 06:38, by Madina Tonj

    Correction for the readers, I mean country on the above mention my comments thank again

    repondre message

  • 29 August 2012 08:44, by Bolman

    i believe most of consumers will has regrated the past they already filling their own bellies enought, more than 6 yrs people of South Sudan were sufferring for so call corruption regim, i’m asking kindnes at this movement loans please make thing different for those IMF loans they weren’t like oil money that you guys consumes them like yr own properties, we are watching you days&nights be careful

    repondre message

  • 29 August 2012 12:41, by 4Justice

    If only we the people had control over our money, we would have almost finished construction of all major roads - but the cursed looters took it all away!

    I can’t understand why Lino Makana got replaced by this useless creature - Gier Aluong, it now makes sense why late George Athor hated him so bad.

    repondre message

  • 29 August 2012 12:54, by kimo

    hhhhhhhhh ,yes south sudan is eligible to IMF loan, and the loan is eligible to be swallowed up by the 75 thieves,for they swallowed billions before and gone unpunished, moreover,they are the ones running affairs in the country

    repondre message

  • 29 August 2012 13:40, by 4Justice

    Kimo,
    The IMF should have put it this way, "the H.E. honorable 75 thieves are now eligible for interest-free IMF loan"

    repondre message

  • 29 August 2012 17:50, by Majok Nikodemo

    Let’s be cautious lest we get trapped. IMF loans should be handled with great care.Anyway it’s well-timed offer.

    repondre message

  • 30 August 2012 06:46, by Samuel Malual

    4Justice, Makana was about to rebelled against government that used to spoonfed him. I’m also against this lone policy unless the IMF send some agencies to come and constructed something without Juba government doing it on their own. Corruption, corruption, killing and torturing in juba are the best known policies of our government.

    repondre message

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