Republic of South Sudan becomes IMF's 188th Member
JUBA, South Sudan, April 18, 2012/African Press Organization (APO)/ -- The Republic of South Sudan joined the International Monetary Fund (IMF) today when Finance and Economic Planning Minister Kosti Manibe Ngai signed the IMF's Articles of Agreement at a ceremony in Washington D.C.
“I am happy to welcome the Republic of South Sudan, which today becomes our 188th member,” IMF Managing Director Christine Lagarde said. “South Sudan faces enormous challenges, and the IMF will do its best to assist the country in setting up the foundations for economic stability and growth in the period ahead,” Ms. Lagarde underscored.
South Sudan applied for membership of the IMF in April 2011 (see Press Release No. 11/145). The Republic of South Sudan became an independent country in July 2011, and the IMF Board of Governors subsequently offered it IMF membership.
Since then, the Fund has been stepping up the provision of technical assistance and training (see Press Release No. 11/292) and engaging in a policy dialogue with the authorities in the areas of tax and customs administration, public financial management, oil revenue management, exchange rate policy, central banking, and macroeconomic statistics. The Fund is coordinating with donors and technical assistance providers to support South Sudan through a dedicated trust fund for capacity-building of about US$11 million over the next four years, and to which the European Union plans to come on board as a lead donor.
South Sudan's initial quota1 in the IMF is SDR 123.0 million (about US$189.3 million). With the inclusion of South Sudan, IMF members' quotas amount to SDR 238.12 billion (about US$ 366.53 billion).
1 A member's quota in the IMF determines its capital subscription, its voting power, its access to IMF financing, and its allocation of SDRs.