In a bid to guide South Sudan toward economic growth and development, experts from the World Bank and the International Monetary Fund (IMF) have called on the country’s transitional unity government to expedite economic reforms. This appeal came during the opening of the national economic conference in Juba, the capital of South Sudan.
Guy Jenkinson, the IMF’s resident representative for South Sudan, stressed the importance of implementing reforms to ensure fiscal discipline, enhance transparency, and establish financial accountability. “Maintaining fiscal discipline, limiting borrowing, and improving financial transparency are key steps to track the flow of finances,” Jenkinson emphasized.
The national economic conference, set to conclude on September 8, aims to address South Sudan’s ailing economy, which has suffered due to years of conflict and mismanagement.
Jenkinson revealed that the IMF has provided over $340 million in three disbursements since early 2020 to support South Sudan’s economic recovery. He highlighted that achieving a harmonized local exchange rate wouldn’t have been possible without the IMF’s assistance.
Firas Raad, the World Bank country manager, urged the government to utilize the remaining time in the extended transitional period to drive economic growth, job creation, and poverty reduction. He emphasized the urgency, citing instability in the Sahel, ongoing conflict in Sudan, and decreasing humanitarian assistance for South Sudan.
Raad noted alarming statistics: 80% of South Sudan’s estimated 12.4 million population lives in poverty, 60% of children are out of school, and less than 6% have access to electricity.
Samuel Gbaydee Doe, the resident representative of the United Nations Development Program (UNDP) in South Sudan, emphasized the need for international cooperation to implement crucial economic reforms. Transitioning from humanitarian assistance to recovery and development, he stated that the UN and other organizations are ready to provide technical assistance to capitalize on regional and global investment and trade opportunities.
Doe highlighted tax system reform as a pivotal step toward creating a prosperous and self-reliant nation.
Bak Barnaba Chol, the Minister of Finance and Economic Planning, used the national economic conference as a platform to focus on diversifying South Sudan’s economy. He stressed the importance of developing agriculture, not only for food security but also to generate income and exports. Chol also announced the establishment of the South Sudan Mineral and Development Corporation to partner with interested companies in harnessing the country’s mining and mineral sector.
As South Sudan strives to revive its economy, these experts underscore the critical role of swift and comprehensive reforms in steering the nation toward a brighter economic future.
