Statement by IMF Managing Director Christine Lagarde Following a Meeting with South Sudan’s President Salva Kiir Mayardit
Press Release No. 11/472
December 16, 2011
Ms. Christine Lagarde, Managing Director of the International Monetary Fund (IMF), issued the following statement after a meeting with H.E. Salva Kiir Mayardit, President of the Republic of South Sudan, in Washington today:
“It was a pleasure to meet President Kiir and his delegation at the IMF headquarters. South Sudan, as the world newest country, has great potential to realize the dreams and aspirations of its people. We are hopeful that this new beginning will bring peace and prosperity for the people of South Sudan.
“South Sudan faces formidable challenges, including ensuring economic stability, building institutions to support sustained growth and managing oil revenue wisely. In this context, we are encouraged by various institutional and legislative steps under way regarding the central bank, public financial management, and the oil sector amongst others.
“I have assured President Salva Kiir that the IMF will be at South Sudan’s side to assist the country meet the above challenges through frequent policy dialogue and technical assistance.
“In recent months, the IMF has been providing technical supportand training on tax and customs administration, public financial management, oil revenue and foreign reserves management, central banking and financial supervision, as well as macroeconomic statistics. Together with the authorities and donors, we are working on a 3-year program of dedicated technical assistance.
“The process of membership of South Sudan at the IMF is at an advanced stage. South Sudan has applied for membership earlier this year (Press Release No. 11/145) and I look forward to South Sudan becoming the Fund’s 188th member in early 2012,” Ms Lagarde said.
http://www.imf.org/external/np/sec/pr/2011/pr11472.htm
IMF Receives Membership Application from South Sudan, Seeks Contributions to Technical Assistance Trust Fund to Help New Country
Press Release No. 11/145
April 20, 2011
The International Monetary Fund (IMF) has received an application from the authorities of South Sudan for admission to membership in the IMF after South Sudan becomes an independent country on July 9, 2011. The application for admission to membership in the IMF from South Sudan will be considered in due course as set forth below. Sudan will remain a member of the IMF and retain all its quota in the Fund as well as all its assets in, and liabilities to, the IMF.
Under the IMF’s prescribed procedures for membership applications, South Sudan’s application must first be investigated by the IMF’s Executive Board. After its investigation, the Executive Board submits a report to the Board of Governors of the IMF with recommendations in the form of a Membership Resolution. These recommendations cover the amount of quota in the IMF, the form of payment of the subscription, and other customary terms and conditions of membership. After the Board of Governors has adopted the Membership Resolution, the applicant country may become a member once it has taken the legal steps required under its law to enable it to sign the IMF’s Articles of Agreement and to fulfill the obligations of IMF membership. The IMF currently has 187 member countries.
In view of South Sudan’s application for IMF membership, the IMF intends to seek donor contributions to a special Trust Fund for IMF Capacity Building for South Sudan. This trust fund will provide intense IMF technical assistance to the authorities in critical areas relevant to building the new country’s macroeconomic institutions. Harnessing its expertise and infrastructure, the IMF would provide technical assistance in itsareas of core expertise to enable the design, implementation and monitoring of sound macroeconomic policies, including by developing a fiscal framework, establishing the central bank and its core activities, building statistical capacity and putting in place the legislative framework required for effective economic and financial management. The trust fund would total US$10.6 million for just under four years and aims to mobilize quickly, given the urgency of needs in South Sudan.
http://www.imf.org/external/np/sec/pr/2011/pr11145.htm
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