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August 6, 2024 (Juba) – South Sudan is among the African countries pushing for a $120 billion replenishment from the International Development Association (IDA), which provides an opportunity to ease high inflation rates exacerbated by insufficient supply of basic consumer goods in the local market.
In a statement issued on Tuesday, the Central Bank of South Sudan expressed appreciation for the leadership and technical support of the International Monetary Fund (IMF) and the World Bank Group in sharing its mission and vision.
It further stated that the IMF has been committed to maintaining systemic stability while the World Bank has been committed to providing financial assistance to low- and middle-income countries.
“We thank the Executive Directors of the IMF and the World Bank Group. You are a vital part of the team and we benefit greatly from your contributions every day. It is truly amazing to share our mission with you and we all look forward to your strong advocacy and defense of the outcomes of the 2024 Africa Caucus in IMF and World Bank Group circles, translating them into resolutions that attest to your tireless efforts in crafting the draft Memorandum of Understanding, which we hope to present to the Heads of the Bretton Woods Institutions at their Annual Meetings in Washington, DC in October 2024”, explained James Alick Garang, Governor of the Central Bank of South Sudan.
He spoke on behalf of all African governors and finance ministers attending the 2024 Africa Caucus meeting in Abuja, Nigeria.
Garang also acknowledged and thanked the technical teams of the International Monetary Fund and the World Bank Group, describing them as the unsung group that played an important role in the organization of the event.
The event was attended by African leaders, central bank governors and finance ministers.
The three-day conference topics are: “Promoting Intra-African Trade: A Catalyst for Sustainable Development in Africa” The main driver of growth and development across the continent was identified as stimulating economic growth through trade-generated opportunities for increased production, investment and job creation.
The core group urged the IMF and the World Bank Group to ensure that their support to member countries continues to be balanced and fair and consistent with their own policies, the communique said.
IDA was established in 1960 as part of the World Bank to help low-income countries. IDA is funded by contributions from member countries and complements the World Bank’s original lending arm, the International Bank for Reconstruction and Development (IBRD). IDA’s grants and low-interest loans help countries invest in their futures, improve lives, and create safer, more prosperous communities.
(English stone)
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