South Sudan told to float currency before loan – sources
August 25, 2020 (Nyamilepedia) – South Sudan government has reportedly been given a condition by the International Monetary Fund (IMF) before walking away with a loan from the international financial institution.
A South Sudan senior government official who spoke to Nyamilepedia from the capital Juba this morning has said that the government of President Salva Kiir Mayardit has been told by the IMF to float the country’s currency by at least 50 percent before it is given a loan.
“The IMF has told the government of the Republic of South Sudan to float or devalue currency before it is given the loan,” the senior government official told Nyamilepedia from the capital Juba on condition of anonymity.
Currently, 1 United States Dollar is traded at 166 while it is 420 at the parallel market.
The senior government official could not however disclose if the government has agreed to float the currency.
Last week, a central bank official said the bank had run out of money and that it was one of the reasons why the government could not control rising dollar price in the black market.