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South Sudan appeals to IMF World Bank for bailout as economy collapses

Hon. Salvatore Garang Mabiordit, Minister of Finance and Planning exchanging greetings on the sideline of IMF Spring Meeting, 2019 in Washington, DC(Photo credit: Larco Lomayat/Nyamilepedia)
Hon. Salvatore Garang Mabiordit, Minister of Finance and Planning exchanging greetings on the sideline of IMF Spring Meeting, 2019 in Washington, DC(Photo credit: Larco Lomayat/Nyamilepedia)

August 24 2020 (Nyamilepedia) – South Sudan government has appealed to the International Monetary Fund (IMF) and the World Bank for an economic bailout as senior government officials say country has run out of foreign reserve exchange.

Last week a senior South Sudan government official in the Central Bank said the country’s top financial institution had run out of hard currency and that effort by the government to control the dollar price at the parallel has been unsuccessful.

In a statement Central Bank chief Jamal Abdallah Wani said the country is in talk with the IMF and the World Bank to try to win economic support as the country’s economy collapses.

“The bank, in conjunction with the Ministry of Finance, seeks to secure the budget support to the Ministry through negotiation with IMF and World Bank. It also seeks the balance of payments support,” the statement seen by Nyamilepedia said.

It further said the bank was “unlocking other resources such as gold to supplement its reserve.”

“It is also working in conjunction with other competent authorities to market Gum Arabic, with a view to diversify the economy.”

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