The logo of the Bank of South Sudan

The International Monetary Fund has commended the government on how it spent the grants given to South Sudan more than a year ago, IMF Chief of Mission for South Sudan has disclosed.

Mr. Niko Hobdair who concluded an 11-day visit to South Sudan to assess the usage of the Rapid Credit Facility grants within 15 months.

The International Monetary Fund had granted Bank of South Sudan $225 million for economic reforms and to stabilize the exchange rate.

IMF mission chief says they were contented with the achievements of the Bank of South Sudan in stabilizing the market.

Mr. Hobdar noted that the reforms introduced by South Sudan is government since March last year has brought stability in the market.
He spoke in a press conference in Juba

“We are encouraged by the economic reforms in South Sudan since the IMF engaged the Bank of South Sudan closely about one and half years earlier.”

“I would like to emphasize the exchange rate reforms that has been introduced since March last brought stability in the exchange market and has reduce the prices over the last 12 months”, Mr. Niko Hobdar stated.

He also pledged to continue discussing with the Ministry of Finance and the Governor of the Bank of South Sudan on how best to sustain the gains and achievements made for the current stability to maintain.

For his part, the Governor of Central Bank, Moses Makur said the bank will intervene in the foreign exchange markets to continue stabilizing the exchange rate.

“What is important is how to continue with these reforms and maintain the stability that has been achieved since March last year.  We will watch out for any eventual challenges and we will be in close collaboration with the IMF team in Washington and the IMF team here in Juba” Moses Makur said.

The Central Bank currently auctions five million US dollars weekly to the commercial banks and forex bureaus, with a view to stabilize the market.