IMF official says South Sudan qualifies for up to $50 million in loan


Bank of South Sudan Governor Kornelio Koriom Mayik, addresses the media on October 14, 2011, at his office in Juba. Photo by Mading Ngor/The New Sudan Vision 

(Juba NSV) – Talks between the International Monetary Fund and South Sudan for a multilateral loan could yield up to $50 million if the current talks end successfully, IMF country resident representative Joseph Karangwa said in an interview in Juba, on Sept. 13.

“The current quota of South Sudan is equivalent to about $180 million. The amount South Sudan will get if the [ongoing] discussions are concluded, South Sudan could get up to around $50 million, representing about 25 per cent of its quota,” South Sudan IMF Resident Representative Joseph Karangwa said last week.

Negotiations between the IMF and South Sudan began in the last quarter of last year and could conclude by the end of this month, Karangwa said.

The world’s biggest lender sponsors an “intensive technical assistance program for central bank, including central bank organization, banking supervision, monetary and financial statistics and foreign reserve management…and macroeconomic policy,” Karangwa said.

Earlier this month the Central Bank Governor, Mr. Kornelio Koriom Mayik told Bloomberg in an interview that South Sudan was hoping to borrow up to $500 million from the IMF, if it harmonizes its official and black market rates. South Sudan has so far borrowed “about $500 million from external sources, including $100 million from Qatar National Bank SAQ, to offset the dollar shortage and fund government spending,” Bloomberg reported.

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