South Sudan to Access more than a Hundred Million USD in Food Shock Window Following Staff-Level Agreement with IMF

An International Monetary Fund (IMF) team, led by Mr. Niko Hobdari, visited South Sudan from 7 – 17 November 2022. The IMF team held series of meetings with concerned financial institutions including the Ministry of Finance and Planning, Bank of South Sudan, National Revenue Authority and Audit Chamber to discuss the existing Staff-Monitored Program (SMP) and the government’s request for access to emergency financing through the new Food Shock Window to address urgent economic and humanitarian needs.

Following these meetings, South Sudan shall access up to USD 112.7 million in emergency financing through the IMF’s new Food Shock Window under the Board Monitored Program (BMP). This financing will help South Sudan address food insecurity concerns, support social spending and boost international reserves. Successful implementation of the BMP will support economic policies aimed at maintaining macroeconomic stability and debt sustainability.

In a press release (PR22/402), the IMF stated; “Ahead of the Executive Board consideration of the Food Shock Window request, the authorities will implement several reforms to strengthen governance and transparency. These include publishing budget execution reports; publishing the results of a stock take of South Sudan’s external debt; publishing the Auditor General’s report on the second RCF disbursement and starting to address its findings and recommendations; as well as strengthening the process for contracting external debt and issuing sovereign guarantees.”

This positive development comes weeks following the visit to Washington DC by the Minister of Finance and Planning, Dr. Dier Tong Ngor and his accompanying delegation to attend the Annual Meetings of the World Bank and IMF.