October 12, 2013 (JUBA) – The Tunisian-based African Development Bank (AfDB) has set aside $10m to help create an efficient public financial management system in South Sudan, Jeremiah Mutonga, its resident representative said.
The process, according to the state-owned news website, will be undertaken in collaboration with the government as it strives to improve the management of public funds in the new nation.
Mutonga, who held a meeting with the country’s foreign affairs minister, Barnaba Benjamin Marial, said the initiative will soon roll out.
The AfDB, he further disclosed, has allocated an additional $10m as budget support on help the young nation implement its austerity measures, introduced in the wake of last year’s oil shut down.
In July this year, South Sudan national legislative assembly ratified an agreement to join the AfDB as part of efforts to liberate the country’s economy, which appeared at the verge of collapse.
Founded in 1964, the AfDB is a multilateral development finance institution established to contribute to the economic development and social progress of African countries.
The bank’s mission, according to its website, is to fight poverty and improve living conditions on the continent through promoting the investment of public and private capital in projects and programs that are likely to contribute to the economic and social development of the region.