The Republic of South Sudan Joins the IMF and World Bank Groups

April 23, 2012, Washington, DC (SSNA) — On Wednesday, in the historic Treaty Room of the U.S. State Department, Washington DC, Minister of Finance and Economic Planning Hon. Kosti Manibe Ngai, signed the IMF and World Bank Articles of Agreement which enabled the Republic of South Sudan to become the 188^th member of these institutions.

“It is with great pleasure that I am able to announce that the Republic of South Sudan has become a member of the World Bank and International Monetary Fund” said Hon. Kosti Manibe Ngai. “These are two organizations whose mandate, values and vision so closely match the developmental ambitions of our people and the aspirations of our newly formed Government” he added.

IMF Managing Director Christine Lagarde welcomed the Republic of South Sudan into the institutions, noting “South Sudan faces enormous challenges, and the IMF will do its best to assist the country in setting up the foundations for economic stability and growth in the period ahead.”

Upon signing the Articles of Agreement and Conventions, South Sudan also became a member of other organizations in the World Bank Group, including the International Finance Corporation (IFC), International Development Association (IDA), the International Centre for Settlement of Investment Disputes (ICSID), the Multilateral Investment Guarantee Agency (MIGA), and the International Bank of Reconstruction and Development (IBRD).

“I am very pleased to welcome South Sudan, the world’s newest country as our newest member of the World Bank Group, to help it manage and resolve its many formidable development challenges while it also builds a broad national coalition to secure lasting peace and prosperity, “ said Obiageli Ezekwesili, the World Bank’s Vice President for Africa.

Hon. Kosti Manibe thanked both Ms. Lagarde and Ms. Ezekwesili and stressed that “South Sudan has come a long way in a short period of time, but we will continue to work hard with our partners in the international community to ensure a prosperous future for all of the people of South Sudan.”

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