South Sudan Secures First IMF Loan

South Sudan has secured a U.S.$52.3 million loan  from the International Monetary Fund (IMF) to address its urgent balance of payments needs. Announcing the loan approval under the Rapid Credit Facility, the IMF board, in a statement, said that the novel coronavirus pandemic and the oil price shock, created a severe economic disruption. This it added, has led to a sharp decline in South Sudan's growth and reversing some early gains from political stability. The central bank earlier said it will tighten the  monetary policy to mitigate the rapid depreciation of its currency against the U.S. dollar.

A commercial area in Juba. (file photo).

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