Day: August 27, 2021

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South Sudan’s Kiir, Ethiopian PM discuss regional issues

South Sudan’s President Salva Kiir has appreciated the Ethiopian government efforts in ensuring peace and stability prevails in the world’s youngest nation.

Kiir made the remarks after his delegation concluded a one-day official visit to the Horn of African nation on Thursday.

The Ethiopian Prime Minister Abiy Ahmed and the South Sudanese leader mainly discussed way of strengthening bilateral ties and regional issues of mutual concern.

The two leaders, Ethiopian News Agency (ENA) reported, also discussed ways of boosting economic ties and joint infrastructure development to further facilitate economic ties.

The Ethiopian Prime Minister briefed the South Sudanese delegation on the current issues in the country, including positive economic performance of key sectors despite the many challenges that Ethiopia has been facing such as the COVID-19 pandemic.

Meanwhile President Kiir and his visiting delegation congratulated the Ethiopian Prime Minister and his government upon the recently concluded general elections.

He also commended the successful second filling of the Grand Ethiopian Renaissance Dam (GERD) and affirmed that South Sudan continues to attach great importance to relations with Ethiopia.

The South Sudanese leader further appreciated Abiy’s government efforts to safeguard the constitutional order in Ethiopia, highlighting the importance of non-interference by external parties in Ethiopia’s current domestic challenges.

Kiir was accompanied by the Minister of Presidential Affairs, Barnaba Marial Benjamin, Minister of Foreign Affairs, Beatrice Khamisa Wani, Minister of Cabinet Affairs Martin Elia Lomoro and the Governor of Jonglei State, Denay Jock Chagor.

Source: Sudan Tribune

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Athorbei, Tut Kew set to join SPLM political bureau: official

South Sudan’s presidential advisor on security, Tut Kew Gatluak and former Finance minister, Deng Athorbei are set to join the Political Bureau of the country’s governing party (SPLM), a senior party official said.

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Kuol Manyang Juuk (File photo)

The Political Bureau is the highest decision-making organ of the ruling party.

In an interview with Sudan Tribune on Wednesday, Kuol Manyang Juuk, said both Gatluak and Athorbei should be rewarded for the good work they did.

“Deng Athorbei has been a member of the SPLM for a very long time since the liberation and has been doing a very good work on the side of finance”, said Manyang.

He added, “Tut Gatluak had just come into the movement and has also been helpful. You know very well that Tut Gatluak was a member of the National Congress and declared his joining of the SPLM and for a long time he has been there since 2006 when the Juba Declaration was made and now is monitoring the implementation of the revitalized peace agreement,”

The senior SPLM official said preparations and consultations have been made in anticipation for directives from the SPLM party chairman, President Salva Kiir.

He said Kiir, as head of the party, has the prerogative to nominate people into a political bureau to fill vacancies resulting from either by loss of membership through death, resignation, switching political allegiance or dismissal owing to failure to comply with code of conduct.

Granting a membership at the highest political organ represent a shift in perception previously held against Tut by senior members of the governing party, including Manyang, who earlier accused President Kiir of ignoring advice from people like him.

Source: Sudan Tribune

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Sudan gets over $857m from IMF

Sudan received over $857 million from the International Monetary Fund (IMF) as part of a global effort to support vulnerable countries to cope with the negative impact of COVID 19 on their economy.

The Central Bank of Sudan premises (File photo)Earlier this week, the IFM announced that about $650 billion have been allocated to its members to address the need for reserves, build confidence, and foster the resilience and stability of the global economy.

The allocation, which has been made to 190 IMF members participating in the Special Drawing Rights (SDRs) Department, is decided in proportion to their existing quotas in the Fund.

“The IMF has allocated 604 million SDRs equivalent to $ 857.68 million, for Sudan. It is available without restrictions to address the current economic situation in Sudan,” reads a statement issued by the Central Bank of Sudan.

This allocation will significantly strengthen the Central Bank’s foreign exchange reserves. Also, it will enable the Bank to continue implementing the managed flexible exchange rate policy to stabilize exchange rates and achieve macroeconomic stability, said the central bank

The transitional government has been exerting huge efforts to deal with the economic crisis the country is experiencing and control the hard currency market.

On 21 February, the Central bank devaluated the pound and decided to feed commercial banks with hard currency to fight black market traders whose activities gradually declined.

Economists in Khartoum also expect that the inflation rate will decline shapely in the coming months.

Source: Sudan Tribune

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South Sudan obtains $334 million loan from IMF

South Sudan has obtained $334 million from the International Monetary Fund (IMF) under general allocation of Special Drawing Rights (SDRs).

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IMF headquarters in Washington, D.C (AP)

The loan was approved by the Board of Directors and went into effect on August 23rd, 2021, according a South Sudan Central Bank statement.

South Sudan’s Central Bank governor, Dier Tong Ngor said the money from IMF would be improve the living condition of the people with sense of transparency.

“We also wanted to reiterate our commitment that this amount will be used in a transparent manner and that there will be accountability. The bank will open a special account for these resources, and we will make regular reporting on how these amounts are being used”, he told reporters in the capital, Juba Wednesday.

The funds, according to the governor of the Central Bank, will also help the country in sustaining the exchange rates and building foreign exchange reserves.

“The fact that we have huge improvements in oil prices gives us assurances that we would be able to support the exchange rate and that the exchange rate stability would be sustained. Of course, the additional money that we are getting from the IMF now will also help greatly for us to build foreign exchange reserves and these foreign exchange reserves will serve as buffers,” he said.

He clarified that the $334 million allocation is not a loan, but part of South Sudan’s membership shares from the Special Drawings Rights (SDRs).

“These 334 million dollars is not a loan; it is an allocation. SDRs is an international reserves currency that helps member countries to improve their liquidity and to improve their reserves. What the IMF has done really is that the board decided to make allocation of SDRs to member countries. This allocation of 334 is our share as South Sudan,” he added.

Ngor revealed that the country will pay the interest rate of 0.5 percent for the allocation per annum with no repayment schedule in place. The new funds come at the time when the bank is implementing essential economic reforms, including monetary and far-reaching foreign exchange market reforms.

Efforts aimed at stabilizing and strength the purchasing power of the local currency are being supported by the significant recoveries from the oil prices and the two IMF disbursements under Rapid Credit Facility in November 2020 and March 2021 for the combined financing of USD 225 million.

Source: Sudan Tribune