South Sudan Joins World Bank & IMF

The Republic of South Sudan on Wednesday became the newest member of the World Bank Group (WBG) when South Sudan’s Minister of Finance and Economic Planning Kosti Manibe Ngai signed the Articles of Agreement and Conventions of the World Bank Group in Washington D.C., capital of the United States.

In addition to becoming a member of the International Bank of Reconstruction and Development (IBRD), the original institutions of the World Bank Group, South Sudan also joined the International Finance Corporation (IFC), International Development Association ( IDA), the International Center for Settlement of Investment Disputes (ICSID), and the Multilateral Investment Guarantee Agency (MIGA), four agencies under the WBG.

As a member of IDA, the WBG’s concessional financing facility helping the world’s poorest countries, South Sudan will have access to highly concessional resources, in addition to a wide range of technical and advisory services from the WBG. With the admission of South Sudan, membership now stands at 188 countries for IBRD, 184 for IFC, 172 for IDA, 148 for ICSID, and 176 for MIGA, the Washington-based global development organization said in a statement.

“South Sudan is a test case for the ideas in our 2011 World Development Report on Conflict, Security and Development, emphasizing the leadership role of citizens in their own country- led peace and state-building solutions, with the support of their international development partners,” said Obiageli Ezekwesili, the World Bank’s Vice President for Africa.

“The World Bank is strongly committed to this approach in South Sudan, and also to support the fight against corruption, to promote accountability and good governance, and to work closely with South Sudan and its communities for better social and economic development,” Ezekwesili added.

The nation looks forward to a long-term partnership with the WBG as both sides work together on the much needed development of South Sudan, Ngai said.

Speaking to reporters after a signing ceremony, Ngai told reporters that the nation hoped to get benefits including technical assistance, funding and leveraging the Bank’s support to draw new investments in a bid to bolster its economic and social development.

South Sudan on Wednesday also joined the International Monetary Fund (IMF), the sister agency of the WBG, Xinhua reported.