The South Sudanese government will be receiving $112.7 million in emergency funding from the International Monetary Fund (IMF) to help address food insecurity, support social spending and boost its diminishing foreign reserves.
This comes after the country’s authorities and the IMF staff reached a staff-level agreement for an emergency financing through the fund’s new Food Shock Window of the Rapid Credit Facility (RCF) combined with a programme monitoring with board involvement (PMB).
The financing is subject to the IMF’s board approval in the coming weeks.
Upon approval by the executive board, South Sudan would have access to about $112.7 million, bringing the total outstanding fund credit under emergency financing instruments to South Sudan to $322 million or 100 per cent of its quota at the IMF.
The IMF staff team led by Niko Hobdari visited South Sudan from November 7 to November 17, 2022.
The team held discussions with the authorities on an existing staff-monitored programme (SMP) and on the authorities’ request for access to emergency financing through the new Food Shock Window to address urgent balance of payments needs.
