Central Bank, Finance Ministry vow to boost economy
The Central Bank of South Sudan and the Ministry of Finance and Planning have promised to boost the country’s economy.
The two financial institutions signed a memorandum of understanding yesterday aimed at building economic cooperation between them.
Speaking after the signing ceremony, the Minister of Finance and Planning, Athian Ding Athian said there was a need for cooperation in managing the government financial account.
He said it has taken long for the two institutions to address the public financial management reforms process following the gap of the relationship between the two institutions.
“We have started the process trying always to go toward single treasurers’ account as we are going to implement as part of public financial management reform agenda in the country,” Ding said.
Governor of Central Bank of South Sudan Dier Tong Ngor said the MOU stressed the need to cooperate and coordinate with the Ministry of Finance.
He said the physical agent to the Ministry of Finance is the Central Bank that keeps the account of the government and also coordinates physical and monitoring policies of the economy.
Dier added the signing of the MoU was a milestone that the ministry and the bank have been trying to do since 2011 as a requirement of staff monitoring programs required by IMF.
“Let us work hard as the government financial institutions to strengthen the economy of the country.”
In August 2021, the Central Bank of South Sudan received $334 million from the International Monetary Fund (IMF) to help finance its economic recovery programs.
The financial institution announced Tuesday that the money had been allocated under the Special Drawing Rights.
“South Sudan has been allocated $334 million by the International Monetary Fund as part of the general allocation of Special Drawing Rights (SDRs) approved by the IMF Board of Directors on 2nd August 2021. The allocation became effective yesterday Monday 23rd August 2021,” the bank said in a statement shared with the media
IMF’s Special Drawing Rights are supplementary foreign reserve assets defined and maintained by The Fund. They are units of account for the IMF and not a currency per se. However, the SDRs represent a claim to currency held by IMF member countries for which they are exchanged.