The Director of the IMF's African Department, Abebe Aemro Selassie - credit @Abebe twitter handle

The International Monetary Fund has pledged to continue to support South Sudan in an effort to revamp its economy.

This was disclosed in a meeting between the Director of the IMF’s African Department, Abebe Aemro Selassie and Vice President Rebecca Nyandeng, who is currently in the US for the 76^th UN General Assembly.

South Sudan has been greatly affected by a sharp decline in international oil prices triggered by the pandemic and devastating floods that have eroded economic gains of the peace process.

This resulted in the reported decline of the economy by 4.2 percent in the 2020/2021 financial year.

The economic downturn widened the fiscal and the balance of payments deficits, opening large financing gaps in the absence of concessional financing.

“So, we are very happy to provide support to South Sudan through two disbursements under credit facility,” Abebe Aemro Selassie told the media after the meeting in Washington DC on Thursday.

The IMF in March this year approved a disbursement of 174.2 million dollars to South Sudan under the Rapid Credit Facility to address Covid-19 pandemic-related effects to the economy.

The fund was the second financial assistance to South Sudan since it joined the international financial institution in 2012.

In 2020, the body approved a $52.3-million loan to help address its economic challenges.

It was the second financial assistance the IMF provided to South Sudan since it joined the organization in 2012.