March 14, 2022 (JUBA) – South Sudan’s Finance and Economic Planning minister, Agak Achuil Lual and a team from International Monetary Fund (IMF) met and held consultative talks on financial management reforms.

Lual, in a statement issued on Monday, said ministry officials met with the visiting IMF chief of mission to South Sudan to discuss ways the financial institution could work with his government to restructure and reform the financial management system to the economic outlook for the country.

“I was privileged this morning with the technical team from the Ministry to meet with the team from the International Monetary Fund led by the mission chief for South Sudan, Mr. Nikko Hobdari to discuss issues related to the country’s economy,” partly reads the statement extended to Sudan Tribune.

Discussions, according to the minister, were within the framework of the provisions of the 2018 peace accord, which advocate for the adoption of financial management reforms, specifically provisions advocating for transparency, accountability in the management of the national revenue.

“We touched base on economic reforms in the context of Chapter IV of the Revitalized Peace Agreement and how best the international partners can support the reforms”, he observed.

Lual said his ministry had embarked on implementation of public financial management reforms in accordance with the president’s directives.

“With blessings from President Salva Kiir Mayardit, we have embarked on the full implementation of the Public Financial Management Reform agenda in the country”, he stressed.

The team from the IMF are in Juba for 10 days to hold consultations with the government on the country’s economic developments and policies.  The talks are part of the annual policy approach by the IMF to collect economic and financial information and to discuss key reforms with its members Under Article IV of the financial institution’s Articles of Agreement.

Economic experts, however, say the team will be interested in key reforms stipulated in the revitalized peace agreement and which are to be implemented by the transitional government to improve the economy and living conditions of the ordinary people in the country.

Under IMF’s Article IV consultation, a team of economists from the financial institution visit a country to assess economic and financial developments and discuss its economic and financial policies with government and central bank officials. Once a particular country, the team meets with members of the legislature and representatives of business, labor unions and the civil society.

in this way, economic experts have argued, views of the global community and the lessons of international experience are brought to bear on national policies.