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Civil society lauds government on financial reforms

 By Wek Atak Kacjang

The Executive Director for Community Empowerment, Progress Organization lauded the government, IMF, Africa Development Bank, and all partners for doing fact on financial reforms and stabilizing the exchange rate in the country.

Earlier, the IMF Chief of Mission for South Sudan Mr. Niko Hobdair who concluded an 11-day visit to South Sudan to assess the usage of the Rapid Credit Facility grants within 15 months has disclosed that the International Monetary Fund has commended the government on how it spent the grants given to South Sudan more than a year ago. The International Monetary Fund had granted the Bank of South Sudan $225 million for economic reforms and to stabilize the exchange rate.

Edmund Yakani said that he hopes this move will translate into actual transparency and accountability in various public institutions.

“This financial game and appreciation can easily help the government to get for taking further action for around Chapter Two agreement,”

According to IMF Chief of Mission for South Sudan, Niko Hobdar noted that the reforms introduced by South Sudan is government in March last year has brought stability in the market.

“We are encouraged by the economic reforms in South Sudan since the IMF engaged the Bank of South Sudan closely about one and half years earlier.”

“I would like to emphasize the exchange rate reforms that have been introduced since March last year brought stability in the exchange market and has reduced the prices over the last 12 months”, Hobday stated.

He also pledged to continue discussing with the Ministry of Finance and the Governor of the Bank of South Sudan on how best to sustain the gains and achievements made for the current stability to maintain.

Meanwhile, the Governor of the Central Bank, Moses Makur said the bank will intervene in the foreign exchange markets to continue stabilizing the exchange rate.

“What is important is how to continue with these reforms and maintain the stability that has been achieved since March last year.  We will watch out for any eventual challenges and we will be in close collaboration with the IMF team in Washington and the IMF team here in Juba” Makur said.

The Central Bank currently auctions five million US dollars weekly to the commercial Banks and Forex Bureaus, with a view to stabilizing the market.

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