The International Monetary Fund (IMF) has approved a disbursement of $174.2 million to South Sudan under the Rapid Credit Facility (RCF). This is meant to address Covid-19 pandemic-related effects to the nations economy.
The IMF executive board approved the fund, a second time financial aid, to South Sudan since it joined the international financial institution in 2012.
The disbursement is expected to help finance South Sudan’s urgent balance of payments needs and provide critical fiscal space to maintain poverty-reducing and growth-enhancing spending.
The facility should also address macroeconomic imbalances and vulnerabilities by taking measures to strengthen fiscal discipline, remove distortions in the foreign exchange market and improve transparency.