South Sudan has secured a U.S.$52.3 million loan from the International Monetary Fund (IMF) to address its urgent balance of payments needs. Announcing the loan approval under the Rapid Credit Facility, the IMF board, in a statement, said that the novel coronavirus pandemic and the oil price shock, created a severe economic disruption. This it added, has led to a sharp decline in South Sudan’s growth and reversing some early gains from political stability. The central bank earlier said it will tighten the monetary policy to mitigate the rapid depreciation of its currency against the U.S. dollar.
A commercial area in Juba. (file photo).
President Salva Kiir has dismissed Central Bank governor Jamal Wani at a time when the economy is ailing. He has been replaced by former governor Dier Tong. The president did not … Read more »
In an effort to in promote border trade between the two countries, Khartoum and Juba have laid the foundation for a free trade zone in the area of Mokhaleef in El Jebelein locality … Read more »