South Sudan Secures $174 Million IMF Loan

JUBA , SOUTH SUDAN - The International Monetary Fund has agreed to give the South Sudan government an economic stabilization loan of $174.2 million.

The loan will be used to address two significant problems, according to South Sudan Central Bank Governor Tier Tong Ngor. “We have agreed with IMF that half of this amount will be used for budget support to pay salary arrears and the other part will remain with the central bank for a balance-of-payment support to stabilize the exchange rate and also to stabilize the market,” said Ngor. The government has not paid civil servant salaries for five months. Ngor said the central bank looks forward to getting its books in order by the end of the next fiscal year.